a temporary contract of insurance, oral or written, offered by an insurer while a policy is pending. It is usually written for a period of 30 or 60 days and remains in force until a permanent policy is either issued or denied.
An agreement, prior to contract, between buyer and seller or the report which is issued by a title insurance company detailing conditions of a homes title and giving guidelines for the title insurance policy. Alternately: 1. Compound which holds material together. 2. Device that holds several pieces in place. 3. Additive (starch) which increases the bond between the core of the board and the paper.
A temporary agreement between company, producer, and insured that the policy is in effect. Binders are not permitted under the NFIP.
A short term oral or written declaration that provides immediate insurance protection for a specified length of time, usually with the understanding that the appropriate policy will be written before the binder expires.
An agreement prior to a final agreement of sale, usually with a deposit, to show a serious intention to follow through with the sale. A binder is also used for insurance, "insurance binder".
A commitment to provide reinsurance coverage pending replacement by a formal reinsurance contract, usually a FACULTATIVE CERTIFICATE. Compare COVER NOTE.
A temporary, binding agreement, secured by a payment to evidence good faith, used until a formal contract takes effect.
a written agreement that concerns the deposit (called earnest money) that is the declaration of intention to buy property.The binder, in combination with the deposits, shows that the buyer is acting in good faith and intends to actually purchase the property.
A title insurance binder is the written commitment of a title insurance company to insure title to the property subject to the conditions and exclusions shown on the binder. The binder is delivered to the lender and the settlement attorney.
Notation of coverage on an insurance policy, issued by an agent, and given to the insured before issuance of the policy.
This is a temporary policy, or contract, for insurance coverage. It is implemented when it is not practical to issue a full permanent policy. Often this will happen when you first take out a policy. Upon giving the insurance agent a check, they will immediately issue a “binderâ€, so you will be covered right away.
See Earnest Money Deposit.
A report detailing the condition of a property's title. Usually issued by a title insurance company to provide guidelines for issuing a title insurance policy.
When a buyer agrees to purchase real estate, a binder is a preliminary agreement, secured by the payment of money.
Sometimes called "preliminary certificate" or "commitment." (1) A preliminary report as to the condition of a title and a commitment to issue a title insurance policy in a certain manner when certain conditions are met. (2) A deposit in escrow of a small part of the purchase price of real estate as evidence of good faith and to bind an agreement to purchase.
A contract for temporary insurance issued either in writing or orally pending issuance of a policy of insurance.
A title binder is a written commitment from the title insurance company to insure title to the property subject to conditions listed.
A temporary contract of insurance that is written or oral.
A temporary insurance contract that provides proof of coverage until you receive a permanent policy.
A temporary or preliminary agreement to provide immediate insurance coverage until a policy can be written or delivered. May be oral or written and sets forth conditions of coverage. Often used during the interval between the coverage becoming effective and the time a formal policy is prepared and delivered. Normally it is issued for a limited period of time.
A document you can use to show evidence of your insurance coverage until you receive your insurance policy. If you have a valid binder you are insured.
An agreement to cover an earnest money deposit for the purchase of real property as evidence of the purchaser's good faith and intention to complete the transaction.
This is an offer to purchase, or an earnest money receipt. It acknowledges a deposit and is accompanied by a written agreement to enter into a real estate contract of sale.
Generally a small amount of money from the buyer, accompanying a brief written offer to buy. (See Earnest Money.)
Also known as the Offer to Purchase, which is a preliminary agreement that is held by earnest money from the buyer to the seller. The binder secures the right to purchase the property based on the agreed terms and will stay in effect for a specified amount of time. If the buyer decides not to buy the property, usually the earnest money is surrendered.
An offer secured by an earnest money deposit
Contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions spelled out in writing and signed by both parties. Usually (but not always) secured by the payment of earnest money. In some states it is known as a Purchase Agreement, Land Contract, or Earnest Money Contract.
Report issued by a title insurance company setting forth the condition of title and setting forth conditions under which the title company will issue a title insurance policy.
The document that your insurance agency will give you when you first purchase a policy. The binder states the exact time and date that your coverage begins. It also serves as a temporary policy until the insurance company sends your full policy.
A document that provides temporary coverage until the actual policy is issued by the insurance company.
legal agreement issued either by an agent or a company to provide temporary insurance until a policy can be issued. It should contain a definite time limit. It should be in writing (although a verbal binder you're covered can be legally upheld) and should clearly state who is the company through which the risk is bound, what are the amount of coverages, what are the perils and of course the type of insurance.
A short-term agreement that provides temporary insurance coverage until the policy can be issued or delivered.
A memorandum or agreement to issue an insurance policy. Because actual issuance of the policy often takes weeks or months, a binder gives evidence of essential elements of the policy.
Small deposit money paid with a temporary agreement to purchase property under specified terms. BIRD DOG- People whom are on the lookout for properties that are for sale.
(a) A written statement from the insurance company showing that the homeowners insurance has been paid for and will be in place after closing. (b) A sum of money used as a deposit to show good faith and commitment to the purchase of the real property.
A temporary insurance commitment covering a piece of real estate pending closing and the issuance of a permanent title policy. Document stating conditions of the title insurance - a commitment to insure.
Oral or written statement that provides immediate insurance protection for a specified period. Designed to provide temporary coverage until a policy is issued or denied.
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.
A document from a title insurance company stating that they will insure a property under a specific set of guidelines.
A preliminary agreement, secured by an earnest money deposit, through which the buyer offers to purchase the home.
A preliminary agreement between a home buyer and seller that includes the price and terms of the contract.
An agreement between a buyer and seller to purchase real estate. It is known as an offer to purchase or a sales contract by securing the right to purchase real estate upon agreed terms for a limited period of time.
An agreement that upon satisfaction of the requirements set forth in the binder the insurer will issue the specified title insurance policy subject only to the exceptions stated in the binder. The binder contains the title status on a particular date. (Back to Terms list)
Refers to the small but important amount of funds which accompany an offer to purchase real estate. This offer is usually written as an agreement to contract for the property. Each state and locality have varying laws about this action. It can be very binding.
A provisional contract that gives verification of auto insurance coverage until a permanent policy can be produced.!-- google_ad_client = "pub-1704157721534061"; google_ad_width = 468; google_ad_height = 60; google_ad_format = "468x60_as"; google_ad_type = "text"; google_ad_channel =""; google_color_border = "2B6780"; google_color_bg = "F3FBFF"; google_color_link = "000000"; google_color_url = "2B6780"; google_color_text = "000000";
An agreement to enter into a contract, accompanied by a deposit, whereby the purchaser evidences good faith.
A temporary document evidencing insurance until a ~ is issued. A binder is a contract under which losses intended to be covered by the actual policy will be paid.
Refers to the provisional authorization of insurance coverage in lieu of a still to be issued actual insurance policy.
An amount of money paid to indicate good faith in a transaction before the transaction is completed.
A report issued by a title insurance company that details the condition of a home's title and provides guidelines for a title insurance policy.
an agreement by the Company to cover a risk, pending the issuance of a policy. This can be verbal, in writing or on a printed form.
() A preliminary agreement, secured by the payment of an earnest money deposit, under which a buyer offers to purchase real estate.
A temporary insurance policy. A binder will cover consumers until a permanent policy can be arranged.
A preliminary good faith agreement with a down payment between a buyer and seller of real estate deposit. The binder summarizes the terms of the transaction. In the event the buyer cancels the transaction the deposit is usually for forfeited.
A preliminary agreement evidencing a meeting of the minds and effective until the principal agreement can be executed.
An insurer's agreement, by way of an agent, to provide non-life insurance on the spot, pending issuance of the policy contract.
Temporary insurance contract providing coverage until a permanent policy is issued.
An agreement that states that insurance can be put into force before the contract has been written or the premium has been paid.
Agreement between buyer and seller in which buyer agrees to pay a fixed amount of money to secure his/her right to purchase property.
A preliminary agreement, secured by the payment of earnest money, under which a buyer offers to purchase real estate.| | | | | | | | | | | | | | | | | | | | | W | X | Y | Z
An agreement to consider the purchase of real estate. The agreement is backed by a cash deposit as evidence of good faith on the part of the purchaser.
An agreement to furnish protection until an insurance policy can be issued. NYSIF does not use binders for workers' compensation coverage.
A preliminary agreement, secured by the payment of earnest money, between a buyer and seller as an offer to purchase real estate. A binder secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money is forfeited unless the binder expressly provides that it is to be refunded.
A temporary insurance contract made by an agent of an insurance company.
A temporary insurance policy that expires at the end of a specific time period or when the permanent policy is written. A binder is given to an applicant for insurance during the time the complete policy paperwork is being completed.
An acknowledgement that insurance applied for is in force whether or not premium has been paid or the policy issued.
A memorandum of agreement to issue insurance giving temporary coverage until a formal policy is issued. hain of Title A chronological list of documents comprising the record history of title to a specific parcel of real property.
1.An agreement to consider the deposit or earnest money as evidence of the potential purchaser´s good faith when he or she makes an offer to buy a piece of real estate. 2. An instrument giving immediate insurance coverage to an insured person until the regular policy is issued.
Written acknowledgement that insurance applied for is in force, whether or not the premium had been paid or the policy issued.
An agreement that may accompany an earnest money deposit for the purchase of real property as evidence of the purchaser's good faith and intent to complete the transaction. blanket loan A mortgage covering more than one parcel of real estate, providing for each parcel's partial release from the mortgage lien upon repayment of a definite portion of the debt.
1) A written commitment from an insurance company to insure a property or a certain risk; 2. A preliminary agreement to purchase a property accompanied by a forfeitable deposit which is lost if the purchaser does not complete the purchase of the property.
An agreement by an insurance company to cover a risk, pending the issue of a policy. This may be verbal, in writing, or on a printed form.
An oral or written statement providing immediate insurance protection, valid for a specific period. Designed to provide temporary coverage until a policy can be issued or denied.
An agreement to cover part or all of the down payment m buying real estate.
A preliminary agreement to purchase, often secured by the payment of money in earnest. Also known as a purchase offer.
Memorandum of an agreement for insurance which gives temporary protection, pending investigation of the risk and issuance of a formal policy; a verbal contract of insurance, temporary protection, pending investigation of the risk and issuance of a formal policy; a verbal contract of insurance, temporary in nature, but binding on both parties.
A report issued by a title insurance company setting forth the condition of title and setting forth conditions, which, if satisfied, will cause a policy of title insurance to be issued.
A preliminary agreement, secured by the payment of earnest money, under which a buyer offers to purchase real estate.- Back To The Top
n agreement formed by the receipt of earnest money (an advance payment that confirms a contract) for the purchase of real property as evidence of the purchaser's good faith and intention to complete the transaction; i.e., the payment binds the agreement making it a binding agreement.
A temporary insurance policy that expires at the end of a specific time period or when a permanent policy is written. A binder is given to an applicant for insurance during the time it takes the an insurance company to complete the policy paperwork.
Temporary hazard or title insurance granted prior to the issuance of a permanent policy. In real estate, a preliminary agreement between a buyer and seller which includes the price and terms of the contract.
Small but serious amount of money ($100-$1000) accompanying an offer to buy, along with a brief written agreement to go to contract for the sale of property.
Temporary insurance that provides coverage until a permanent policy can be issued.
An oral or written agreement to provide insurance, which serves as evidence of coverage prior to the issuance of a policy. It is often considered to be a temporary insurance policy to provide coverage until a permanent policy has been issued.
Written evidence of insurance, which coverers a limited time: to be replaced later with a permanent policy.
A written or oral agreement between an agent and an applicant for insurance whereby the principal-insurer is committed to provide the desired insurance, at least on a temporary basis
A preliminary agreement, frequently secured by the payment of earnest money, between a buyer and seller that serves as an offer to purchase real estate. The agreement secures the right to purchase real estate upon agreed terms for a specific period of time. The earnest money is usually forfeited if the buyer's situation changes or is unable to purchase, unless the agreement specifically provides that the money is to be refunded. Also known as an Offer to Purchase.
A simple contract between a buyer and a seller that states the basic terms of an offer to purchase property. It is usually good only for a limited period of time, until a more formal purchase agreement is prepared and signed by both parties. A small deposit of earnest money is made to "bind" the offer.
A preliminary agreement, secured by the payment of earnest money, under which a buyer offers to purchase real estate. Or, in insurance, an agreement confirming temporary coverage pending issuance of a formal policy.
An offer to purchase property which is accompanied by a sum of money, smaller than a down payment, to show good faith prior to a formal agreement.
A written or oral contract issued temporarily to place insurance in force immediately prior to issuance of a new policy or endorsement of an existing one. A binder is subject to payment of the premium and provides coverage under the terms of the policy to be issued, unless otherwise specified.
A temporary or preliminary agreement which provides coverage until a policy can be written or delivered.
A legal agreement issued by the Insurer or it's Agent, or Broker, to provide evidence of coverage until such time as a full policy or policies are issued.
Before your policy is written, your agent may give you a binder, a temporary agreement that provides coverage until your policy is ready to sign.
an agreement to provide insurance prior to a policy being issued, many times used as a temporary policy until a permanent policy has been issued.
A written statement that binds the parties to an agreement until formal contracts can be drawn; an agreement to cover a down payment as evidence of good faith. Back to the Top
U.S. term for temporary cover issued by an insurer, or a reinsurer / An authority by an underwriter to an agent to grant cover on the underwriter's behalf.
(Note de couverture) A temporary agreement with a new insured granting certain coverages pending the issuance of the insuring policy. An agreement by the insurance company to cover a risk, pending the issue of a policy.
A temporary insurance policy which ceases once the policy is written.
Sometimes known as an offer to purchase or an earnest money request. It is the acknowledgment of a deposit and a written agreement to enter into a contract for the sale of real estate.
Sometimes known as an offer to purchase or an earnest money receipt. A binder is the acknowledgement of a deposit along with a brief written agreement to enter into a contract for the sale of real estate.
A statement that coverage is in force; a preliminary, temporary agreement between the carrier and the insured to provide immediate coverage. The purpose of the binder is to provide temporary coverage until the policy arrives.
immediate, temporary coverage or proof of insurance until a policy can be issued. Usually good for a 30 day term.
A temporary written or oral insurance contract which is effective until it is replaced by a regular policy.
A written or oral contract that temporarily places an insurance policy in effect when it is not possible to issue a new policy or endorse the existing policy immediately. The binder must meet all the terms of the policy issued
A preliminary acknowledgment of deposit entered with a written agreement upon entering into a real estate sale.
Definition #1: A title insurance binder is the written commitment of a title insurance company to insure title to the property subject to the conditions and exclusions shown on the binder. Definition #2: Preliminary agreement, normally secured with earnest money, between a buyer and a seller as an offer to purchase real estate.
An agreement, accompanied by a deposit, for the purchase of real estate, to evidence good faith on the part of the purchaser.
Temporary authorization of coverage issued prior to the actual insurance policy.
An agreement executed by an agent or insurer (usually the latter) putting insurance into force before the contract has been written or the premium paid.
A commitment by an insurance company to insure; a temporary report effective for a limited time until a permanent policy is issued.
An acknowledgement (or receipt) you usually receive from your agent that your insurance is in force. Binders do not apply to life or health insurance.
A preliminary agreement, accompanied by a good faith deposit, under which a buyer offers to purchase real property.
A legal agreement between an insurance buyer and an insurance company or its agent. it provides temporary insurance coverage until a policy is either issued or refused.
An insurance binder is a temporary insurance contract which is issued pending the issuance of a policy. Binders may be either written or oral, although an oral binder should be followed by a written binder whenever a delay may occur in issuing an insurance policy. Although valid during its term, the binder is automatically extinguished when the policy is issued.
A 10% deposit frequently issued with a Formal Offer to insure sincerity of the Formal Offer.
Also known as an Offer to Purchase. A document that is signed by Sellers and Purchasers which generally defines the terms of a deal. It usually includes such terms as the agreed upon price, the date by which full contracts are to be signed, the date that inspections are to be completed, etc. It is used as a framework to draft and sign the Sales Contract which is a comprehensive agreement between the parties.
An early agreement to buy a home from a seller, which is usually ensured with earnest money.
a sum of money to engage the services of a supplier or reserve a property or house until an agreement is signed.
A legal agreement issued on behalf of insurance companies to provide temporary evidence of insurance until a policy can be issued.
Preliminary agreement of sale, usually accompanied by earnest money.
Written agreement to issue, within a specified time, a policy of title insurance. Contract to insure.
A term used in the marine insurance industry referring to a document evidencing that insurance is in effect pending issuance of the full policy.
a preliminary agreement to provide immediate insurance until a policy can be written, either by an agent or company. It should contain a definite time limit, should be in writing, and clearly designate the company in which the risk is bound, the amount, and the perils insured against, as well as the type of insurance.
A preliminary agreement for the purchase of real estate, secured by the payment of an earnest money deposit which evidences the purchaser's good faith and intent to complete the purchase
The seller agrees to consider a down payment as evidence of good faith on the part of the buyer.
A written or oral agreement given by an insurer to insure a risk, pending the issue of a policy. A binder is deemed to be the policy and must be cancelled in the same manner.
A written or oral acknowledgment of insurance in force and evidence of acceptance of the applicant's offer to purchase the insurance, whether or not premium settlement has been reached and pending issuance of the policy. The provisions of the binder generally are conceded to be the same as the policy which replaces it. unless otherwise stated. The purpose of the binder is to provide temporary coverage until the policy arrives.
An agreement usually written whereby one party agrees to insure another party pending receipt of a final action upon the application.
A preliminary agreement, which is written in evidence of insurance coverage for a limited time. It is usually secured by the payment of an earnest money deposit and is replaced later with a permanent policy. back
A buyer's written offer to purchase a property. A binder includes a deposit, the price the buyer is offering, items the buyer expects to be included in the purchase price such as window treatments, swingsets and the like, and the preferred date of closing. This is a legal document. A buyer would be wise to write an escape clause into the binder, stating, for instance, that the offer is contingent upon the buyer's finding financing or selling his/her present home. Write everything down - nothing should be left to oral agreement in a property transaction.
An agreement between a buyer and seller to purchase real estate. A binder, also known as an offer to purchase or a sales contract, secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money that was paid is forfeited unless the binder expressly provides that it is to be refunded.
A written or oral contract issued temporarily to place insurance in force until a permanent policy is issued. When an oral binder is issued, you should request a written one to follow.
