From Google:
Honesty; a sincere intention to deal fairly with others.
Good faith is an abstract and comprehensive term that encompasses a sincere belief or motive without any malice or the desire to defraud others. It derives from the translation of the Latin term bona fide, and courts use the two terms interchangeably.
Good faith; n. honest intent to act without taking an unfair advantage over another person or to fulfill a promise to act, even when some legal technicality is not fulfilled. The term is applied to all kinds of transactions.
I think we all have our definitions of what “Good Faith” means. Sometimes it is just as simple as doing the right thing.
Recently, during a transaction, which I was lucky (or unlucky) enough to represent both parties in the sale of a home, I ran into a buyer who always was looking to take advantage of every facet of the negotiation and resulting escrow.
Some would say it was good business, game playing or just a lack of good faith.
I found myself reminding the buyer several times during the course of the transaction about “Good faith.” Deadlines had little meaning and at every instance, where a delay could occur, the buyer took advantage.
In this market, where sellers are keen to sell and buyers are not beating down the doors, the idea is to keep making forward progress and try to keep the ship on course. Although the seas are rough, let’s make our way to the closing.
The seller, at all times, remained calm and understood the situation they were in with the buyer. They were not happy – but they were resigned to the fact it was going to be a difficult escrow.
In the end, after an additional 35 days of escrow and two postponed closing dates, the deal was done. Buyer and seller were happy. But it made me wonder where some people draw the line on respecting others and living up to signed agreements versus being good business people taking every advantage they can?
What cheers me is the knowledge that most people do act in Good Faith. They try to do the right thing. And that simple truth, gives me faith.
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