A binder is an initial agreement, often coupled with a deposit, that indicates the purchaser's good faith in buying a piece of real estate. It is typically used to show the intent to buy and precedes a formal contract of sale.
The term 'Bona Fide' refers to actions, transactions, or situations conducted in good faith, without intent to deceive or defraud. It signifies genuine sincerity and authenticity in legal and financial contexts.
Earnest money is a deposit made by a purchaser of real estate to evidence good faith.
Estoppel is a legal doctrine that stops a party from denying or asserting something that contradicts what they have previously established as the truth in the eyes of another party who has relied on that position or representation in good faith.
Good faith in real estate refers to the intent to act honestly and sincerely without any intention to defraud or deceive others. This concept is pivotal in establishing trust between parties involved in property transactions.
A Holder in Due Course (HDC) is a person or entity that acquires a negotiable instrument in good faith and for value, and thus has certain protections under the law, even if the instrument was previously subject to certain defenses or claims.
