good-faith estimate

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.

References in periodicals archive ?
Under the bill, the party would receive adequate financial disclosure if he or she receives a reasonably accurate description and good-faith estimate of value of the property, liabilities and income of the other party; expressly waives the right to financial disclosure beyond the disclosure provided; or has adequate knowledge or a reasonable basis for having adequate knowledge of the estimate of value of the property, liabilities, and income of the other party.
The Seattle ordinance requires large employers in retail and food services to, among other things, give employees a good-faith estimate when they are hired of the hours they will be expected to work, post work schedules two weeks in advance, and give any additional hours to existing part-timers before hiring new workers.
Include an accounting or good-faith estimate of any payments to the advisor or the firm or related parties from any third-party resulting from the advisor' s recommendations.
The DPH violated the state Public Records Law by failing to respond to the newspaper's request within 10 days with an offer to produce the records with a good-faith estimate of the cost or a denial citing specific statutory exemptions.
170(f)(8) requires the donor to obtain a contemporaneous written acknowledgment, stating the amount of the contribution, whether the donee provided goods or services in consideration for the donation, in whole or in part, and a good-faith estimate of the value of any goods or services the organization provided.
The donor must obtain a contemporaneous written acknowledgment for cash donations of $250 or more, stating the amount of the contribution, whether the donee provided goods or services in consideration for the donation, in whole or in part, and a good-faith estimate of the value of any goods or services the organization provided.
The "billions" figure is not guesswork: federal regulatory agencies are required to produce a good-faith estimate of the amount of time a newly issued regulation will require us to spend doing paperwork in order to comply with the law.
A new survey of 1,000 American consumers suggests that the "good-faith estimate" disclosures that all homebuyers and refinancers receive at loan application to facilitate shopping are not getting the job done.
"You are hereby ordered to provide [the Chronicle] with a revised written, good-faith estimate which reflects the actual costs of providing the names of the students whose parents have consented to release of directory information," Supervisor of Public Records Alan Cote wrote in a February 12 letter.
(At the end of fiscal year 2008, the war has cost $600 billion and the meter is running.) This seemingly good-faith estimate contrasted with the preposterous administration line that the war would cost only $50 billion and that Iraqi oil revenues would pay for war reconstruction.
The new ABN requires that beneficiaries be given, among other information, a good-faith estimate of the cost they are likely to incur if Medicare denies payment.
Sterling Edmunds, chief executive officer of SunTrust Mortgage, says it plain and simple: "We honor the Good-Faith Estimate because it just makes sense from a customer-service perspective."