(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
Type of property distribution occurring when a person dies intestate. The estate id divided by the children of the deceased and by their children. For example, if a husband dies intestate, ...
The yield after deduction inflation and its effects. It is the return on investment stated in real purchasing power. ...
Land that has poor income potential, usually used in an agricultural sense meaning that the land is untellable, has poor access, is extremely steep, has suffered serious erosion, is ...
Having a traditional salt box architecture with clapboard siding, the New England Colonial was enlarged for additional family members by adding extensions, often at the rear of the home. ...
Partial fulfillment. Pro tanto is normally used in relation to the partial satisfaction of a claim. For example, a pro tanto settlement in an eminent domain action will not prejudice any ...
See historic structure. ...
Stigmatized property is a property that home buyers might back off on closing a deal due to factors that are not related to the property’s price, structural/aesthetic conditions and ...
Ownership by two or more persons that give the right to use the entire property. ...
Group of people residing in one home, usually consisting of a family. ...
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