(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
Various governmental restrictions and controls placed upon land use in a given jurisdictional area. Land use regulations include zoning and building ordinances, housing codes, and ...
A portion of a real estate company's assets financed with debt instead of equity. It involves interest an principal obligations. Financial leverage is beneficial to real estate investors ...
Inverted gable roof design where the two side slope upward from the center to the eaves with a valley in the middle. The roof resembles the wings of a butterfly, hence, the name. ...
The definition of option explains the term as something that can be chosen in spite of having multiple other alternatives. It could be an option for food, which shows a preference for one ...
Provision in a commercial lease providing a financial allowance for a tenant to finish the interior of a building according to individual requirements. ...
Mortgage for residential property. ...
When two or more individuals simultaneously have rights in a property unit (e.g., apartment),. The individuals sharing the property have legal privileges and responsibilities to each other. ...
Return before taxes on the capital invested in real estate property. ...
term used in law stating 'allow the principal to respond'. An owner of property is legally liable for the improper actions of an agent representing him if it is within the scope of the ...
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