Binder, Glossary and Terms, Attorney's office, Personal Lawyer

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"Binder"

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.

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