• An agreement with the seller from a potential buyer to consider the purchase of a property. The agreement is secured and backed by a cash deposit as a declaration of good faith on the part of the buyer.

unite, lock-in, secure, tie

Related Terms and Acronyms

  • Contract Definition,
    • An agreement between two or more parties that can be enforced by law.
  • Homeowners Insurance Binder Definition,
    • A document accompanying a homeowner's insurance policy that verifies the property is properly insured.
  • Purchase Agreement Definition,
    • A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
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