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
Unable to move a structure so it must stay where it is. Except for mobile homes, property is fixed at a particular site. Inability of a person to move because he or she is attached in ...
Deed used to transfer property rights to a governmental authority. ...
That part of a roof which projects beyond the sides of the building. The eaves keep rain overflow of the sides of a building structure and seal the roof rafters. ...
Same as term deed of trust: A document that conveys title to a neutral third party (trustee) during the period in which the mortgage loan is outstanding as collateral for a debt. ...
If you’re in the business of purchasing properties, maybe as a real estate investor, you might be wondering what is cost segregation. Well, first of all, it’s a study that deals ...
If you have been wondering what can cause a market failure, the most common answer is externalities. An externality is an indirect cost or benefit to a neutral third party that comes from ...
Primary residence of an individual. The principal residence can be a single family home, condominium, cooperative, or trailer. A principal residence may qualify for a homestead exemption in ...
Personal property or real property that are passed on to heirs upon one's death. ...
Legal obligation to pay for a benefit received as if a contract has actually occurred. This may arise in a few cases so that an equitable situation occurs. An example is when a homeowner ...
Have a question or comment?
We're here to help.