What does Binder mean?

A temporary agreement that outlines the terms of a real estate transaction, including the purchase price and any contingencies. A binder may be used to hold a property while a more formal contract is prepared.

Related Terms

Investment Related Savings Underwriting Active Solar System Planned-Unit Development Closing Statement Cap Rate Mortgage-Interest Deduction Acre Foot Vacancy and Credit Losses Title Contingency Acre Certificate of Occupancy Agreed Boundary Brokerage Federal Housing Administration ( FHA) Credit Union Pre-approval letter