- 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.