![]() ![]() In real estate, binders come in various forms, each serving a specific purpose. When a binder is executed, it typically requires the buyer to submit an earnest money deposit, proving their commitment to the transaction. It serves as a temporary document that precedes the formal contract of sale.īinders are commonly used to establish the buyer's intent and demonstrate good faith in pursuing the purchase of a property. One such document is a binder, which serves as an essential part of the buying and selling process.īut what exactly is a binder? A binder is an informal agreement that outlines the preliminary terms and conditions of a real estate transaction. In the complex world of real estate transactions, numerous documents and agreements play crucial roles. What is a Binder? Simple Definition & Overview ![]()
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