Final answer:
When a property is purchased subject to an existing mortgage loan, the escrow agent will typically ask the lender for a subordination agreement, which gives the new lender priority in case of default.
Step-by-step explanation:
When a property is purchased subject to an existing mortgage loan, the escrow agent will ask the lender for a subordination agreement. A subordination agreement allows the new lender to have a higher priority claim on the property should the borrower default on the loan.