- A form of insurance purchased to cover both the buyer and seller of property during the transfer of ownership. A title binder is a temporary form of insurance, intended to cover the property only while the sale is in process.
Related Terms and Acronyms
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Title — Definition,
- Evidence of a person's right to possession ownership of a property.
- Title Insurance — Definition,
- Insurance that covers title defects and ownership challenges on a property.
- Transfer of Title (TOT) — Acronym,
- A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.