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good-faith estimate |
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good-faith estimate An initial estimate of expected closing costs, net proceeds to seller, gross cash required of buyer, or loan expenses. By virtue of various state and federal laws, a seller's real estate agent may be required to provide a good-faith estimate of net seller proceeds to accompany every offer; the closing company may be required to provide a good-faith estimate of closing expenses to the buyer, and a lender may be required to provide a good-faith estimate of loan costs to a borrower. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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