binder

binder.

1. A document in which the buyer and the seller of real property declare their common intention to bring about a transfer of ownership, usu. accompanied by the buyer’s initial payment.

2. Loosely, the buyer’s initial payment in the sale of real property. Cf. EARNEST MONEY.

3. An insurer’s memorandum giving the insured temporary coverage while the application for an insurance policy is being processed or while the formal policy is being prepared. [Cases: Insurance 1748.] — Also termed binding receipt; binding slip.

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词条贡献者

资深译员王漾，毕业于一所旨在培养高级翻译专业人才的翻译院校，擅长翻译各类与雇主商业秘密相关的法律文件。