Binder Deposit
A sum of cash paid to a seller by a buyer prior to the closing to show that the buyer is serious about buying the house. The binder deposit is deducted from the purchase price at closing and is not an additional cost. Sometimes referred to as earnest money. If the buyer changes his mind or is unable to purchase, the binder deposit that was paid is forfeited unless the binder expressly provides that it is to be refunded.
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