What is the term for a written agreement that changes the priority of liens on a property?

The appropriate term for a written agreement that changes the priority of liens on a property is known as a subordinate agreement. This type of agreement essentially allows one or more existing liens to be made subordinate to a new lien, which means that the new lien takes priority for repayment in the event of a foreclosure.

In this context, it is crucial to understand that subordination is a common practice in real estate to facilitate refinancing or to allow additional financing to occur. This written agreement outlines the understanding between the lien holders regarding the modified hierarchy of their claims to the property’s value.

The other terms provided, such as subrogation and substitution, refer to different concepts in real estate and finance. Subrogation involves stepping into another party's rights or claims, particularly in insurance, and substitution typically refers to a principle in appraisal or the idea that a buyer will not pay more for a property than what it would cost to purchase a comparable property. These do not pertain to the ranking or priority of liens directly. Thus, when determining which term applies to changing the priority of liens, subordinate agreement is the accurate choice.