An outline of the basic terms of a proposed sales contract between a buyer and a seller.
(See: binding receipt.)
A receipt for a deposit to secure the right to purchase a home at an agreed terms by a buyer and seller.
The document relating to a buyer's commitment to purchase a home from a seller, subject to certain terms and conditions. This document normally gives a buyer five working days to consult with a mortgage banker and to apply for a loan.
A receipt for a deposit paid to secure the right to purchase a home at terms agreed upon by the buyer and seller.