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good faith estimate

A written estimate of closing costs which a lender must provide you within three days of submitting an application.

grace period

A period of time during which a loan payment may be paid after its due date but not incur a late penalty.


A person to whom real estate is conveyed; the buyer.


A person conveying real estate by deed; the seller.

These terms and their presence on this site are not intended as, nor should they be used as, legal advice. You should always obtain advice from a licensed attorney for all legal matters.