Definitions for "Title insurance binder"
1) A report issued by a title insurance company stating the condition of title to certain property as of a certain date and also stating conditions which, if satisfied, will cause a policy of title insurance to be issued. All called "commitment." 2) A policy of title insurance (used primarily by investors) calling for a reduced rate for a future policy if the property is sold within a specified period.
a commitment to insure the lender against such defects
A title insurance company's written commitment to insure title to the property, subject to the conditions and exclusions shown on the binder.