Definition of "Priority"

Michael Digennaro real estate agent

Written by

Michael Digennaroelite badge icon

We Say Sold

  1. Preference.
  2. Precedence.
  3. Something given prior attention.
  4. Something having a higher level of importance or ranking. Example of when priority apply are a prospective tenant for an apartment is the first to be called, a secured creditor coming before an unsecured creditor in bankruptcy, and a first lien on property.

Comments for Priority

Andy Cline Andy Cline said:

what is the term used for first introducing a property to a buyer or tenant

Feb 22, 2021  09:01:17

 
Real Estate Agent

Hey Andy! I think you are referring to a showing. A home buyer is typically introduced to a property by a buyer’s agent through a showing. An open house is also one way a buyer can be introduced to a property, but the last one is a public house tour rather than a private tour.

Feb 26, 2021  09:09:20
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

An acre is defined as a land unit that is commonly used in the US customary and imperial systems of 66 by 660 feet (one chain by one furlong). An acre is a measure of volume used in many ...

Arrears is a legal and financial term used to describe payments in regards to their due dates. While the term is more often used to refer to a contractual obligation or liability that was ...

revising the terms of a loan such as when the borrower is experiencing severe financial difficulties. For example, a homeowner lost his job and seeks relief by requesting the lender ...

Real rate of interest on a loan. It is the coupon rate divided by the net proceeds of the loan. Assume Sharon took out a $1,000,000, on year, 10% discounted loan to buy real estate. The ...

Clause inserted into a commercial lease by a mortgagee stating the lessee's current lease will not be terminated if there is a foreclosure action against the landlord for the failure to ...

Ownership of property by two or more people in undivided interests, without the right of survivorship. Each coowner's interest may be conveyed separately by its owner. Tenancy in common ...

Molding used in corners simulating a quarter of a circle. ...

Rooflike cover that extends over any place to provide shelter from the sun, rain, or wind. ...

Civil rights acts passed by the U.S. Congress includes those of 1866, 1870, 1871, 1875, 1964, and 1968. The first two acts gave blacks the rights to be treated as citizens in legal actions, ...

Popular Real Estate Questions