(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
When you hear a real estate agent talking about a client that's an empty nester, it means said client suffers from empty nest syndrome. But what is Empty nest syndrome? Empty nest ...
The "frost line" is a critical concept in real estate and construction, especially in regions with cold climates. But what exactly is the frost line, and why does it matter? Let’s ...
Landlord's right to receive the value of the tenant's property to pay for unpaid rents or for damages to the leased premises. ...
The definition of gross sales price in real estate refers to the combined cost of a property or listing before subtracting the real estate agent’s commission, sales tax and other ...
The depreciation method where an equal amount of depreciation expense is allocated to each full period of the asset's useful life. The amount of depreciation is computed as follows; Annual ...
Average of what savings institutions in the 11th district of the Federal Home Loan Bank System ( California, Arizona, and Nevada) are paying in interest to depositors and other sources of ...
Legal obligation to pay for a benefit received as if a contract has actually occurred. This may arise in a few cases so that an equitable situation occurs. An example is when a homeowner ...
Unit of metric are measurement where one hectare is equivalent to 2.471 acres or 107,637 square feet. For example, a 3 hectare parcel of property is equivalent to 7.413 acres or 322,911 ...
An opening with a hinged cover allowing access from one level to another in a structure. Often installed in a roof or the floor of a building to allow the entrance of people and materials ...
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