Definition of "Binder"
(1) Temporary and symbolic payment showing good faith and obligating two or more individuals until a final transaction takes place. The binder is typically returned if the final agreement is not consumed. (2) Deposit paid to secure the right to buy a house based on the agreed terms. (3) Written memorandum of the contract terms of insurance that provides temporary protection to the insured pending final approval by the insurance company.
Popular Real Estate Terms
Document issued by a governmental agency permitting the recipient to do something. An example is a building permit to construct a structure. ...
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Buyer who is acting in good faith, is not aware of any outstanding claims or rights of others to the property, and has given valuable consideration as part of the business transaction. ...
An agreement by which the owner of property (the lender) and a borrower agree to let the borrower use the property for a particular time period and in return the borrower will pay the ...
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Total expenditure to modernize a building to meet the owner's or tenant's needs. ...
The right to deviate from the use of land prescribed by an existing zoning ordinance. ...
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