 Sam
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Joined: 21 May 2005
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 Posted: Fri Apr 09, 2004 3:50 am Post subject: Binder |
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Binder is an agreement between a buyer and a seller to purchase real estate. A binder secures the right to purchase real estate upon agreed terms for a limited period of time.
In case of insurance policy related to real estate, an insurance binder or simply a binder implies a legal document that is issued by an insurance agent. A binder proves that the insurance is temporarily in effect and also gives a summary of the coverage of the policy. It is often issued at or prior to real estate closing. A binder ensures insurance coverage till a permanent policy is obtained. |
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