Chattel Mortgage Form With Affidavit Of Good Faith In Middlesex
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Implied covenant of good faith and fair dealing (often simplified to good faith) is a rule used by most courts in the United States that requires every party in a contract to implement the agreement as intended, not using means to undercut the purpose of the transaction.
In contract law, the implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract.
We often see contractual obligations on parties to act in 'good faith'. For instance: The Company may, acting reasonably and in good faith, set off from any amount due to the Contractor, any amount due or which may become due to the Company under this Contract.
AFFIDAVIT OF GOOD FAITH. We, the undersigned MORTGAGOR and MORTGAGEE, severally swear that the foregoing mortgage is made for the purpose of securing the obligation specified in the conditions thereof, and for no other purpose, and that the same is just and valid obligation and not entered into the purpose of fraud.
Good faith is a broad term that's used to encompass honest dealing. Depending on the exact setting, good faith may require an honest belief or purpose, faithful performance of duties , observance of fair dealing standards, or an absence of fraudulent intent .
While a lawyer is not required to navigate this process, if you feel uncertain about the ramifications or have questions, an experienced estate planning attorney can help guide you through the process. The quitclaim deed will ask for: Your name. The name of the person you are transferring some or all of ownership to.
Yes, someone can be on the title and not the mortgage.
To do this, you must create a new deed that conveys an interest in the property to this other person. Technically, anyone can make up a new deed, but we strongly advise you to hire a lawyer to do it.