(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
Ownership rights to the minerals or other precious resources, such as petroleum, in one's property. A property owner having the mineral rights to the property can do one of three things ...
Small navigable body of water having limited water access and egress. Coves are often secluded and acts as a boating anchorage. Concave or cratered corner molding. A hollow cornice. ...
Latin term meaning legal capacity to act on behalf of oneself. ...
A fully amortized mortgage necessitating periodic payments of both interest and principal. In the early years of the loan, the share of principal is smaller and the interest larger, a ...
The appraisal approach is used to estimate the value of an asset, based on various factors to reach the closest educated guess of the asset. While an appraisal approach does consider the ...
Mock closing; all information is available prior to an actual closing in order to insure all documents are properly executed by the appropriate parties. A preclosing is normally used only ...
Contractor who constructs new roofs or repair old ones. ...
A corporation that owns housing units and whose tenants purchase shares in the corporation equivalent to the value of their housing unit. Also called co-ops. ...
A cooperating broker or agent defines a real estate broker who helps another broker in a private property transaction. Typically, the cooperating broker represents the seller and is ...
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