Definitions

1. noun

A condition or circumstance that existed before a legal or business transaction took place, which can affect its validity or outcome.

“The court ruled that the preequity of the property, including a pre-existing lien, had a significant impact on the buyer’s claim.”

2. noun

Something that exists or has occurred before an event or a particular point in time.

“The preequity of the environmental damage had a lasting impact on the community’s quality of life.”