Business Day


Definition of "Business day"

Standard days when an organization is open and conducts business. Business days exclude weekends and holidays.

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Popular Real Estate Terms

RESPA

The Real Estate Settlement Procedures Act, a federal consumer protection statute first enacted in 1974. RESPA was designed to protect home purchasers ...

Good Faith Estimate (GFE)

The form that lists the settlement charges the borrower must pay at closing, which the lender is obliged to provide the borrower within three business ...

Recission

Cancellation of a contract. Under the federal Truth in Lending Act, a person who signs a contract can nullify it within three business days of having ...

Right Of Rescission

Borrower's right to cancel, within three business days, a creditor contract in which his or her residence is used as collateral. This right does not ...

Valuation Period

For a variable annuity, the period of time from the close of business on the first business day to the close of business on the second business day. ...

Business Day

Day on which the New York Stock Exchange is open for transactions; used in calculating accumulation unit values for variable dollar insurance products ...

Popular Real Estate FAQ

Who Is A Subagent?

A subagent is an agent who works with you to purchase a house but is paid by the seller. ...

What Is A Cap?

A limit on an adjustable-rate mortgage. ...

What Is A Housing Ratio?

A housing ratio is the percentage of your housing payment (principal, interest, taxes, and insurance) to your monthly gross income. Lenders use this r ...

What Is An Inspection?

An inspection is a close and thorough examination of a house and property. A licensed individual usually does the inspection. ...

What Is A Sales Contract?

A sales contract is the contract you draw up when you want to make an offer on a home. ...

What Does The Real Estate Settlement Procedures Act (RESPA) Require?

The Real Estate Settlement Procedure Act requires the lender to disclose certain information about a loan, including the estimated closing costs and A ...

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