Good Faith (goodwill)
Definition of "Good faith (goodwill)"
In conducting a real estate transaction, each party is presumed honest and fair with no deceit. The intentions are honorable and realistic. If deception occurs without prior knowledge, the transaction, carried out in good faith, remains valid. Bad faith is when an individual knowingly commits fraud or deception rendering the transaction null and void.
Popular Real Estate Terms
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Provision in a written agreement that depends on the occurrence of something else. ...
Helps in supporting a building. ...
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Determining the measurements of a specific location. ...
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Partner in a real estate business who remains anonymous but has legal rights and obligations. ...
Wires, such as for electricity, places beneath the floor of a structure. ...
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