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
Outline or diagram of a structure or group of structures used for planning purposes. ...
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Title that can be made null and void or defeated upon the satisfaction of a claim or the completion of some future contingency. ...
Expenditure paid to occupy property over a specified time period. ...
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Act of receiving the rights and privileges of a citizen including property rights. ...
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Single-family dwelling attached to other units by common walls. ...
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