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An amount of money paid to indicate good faith in a transaction before the transaction is completed.

Earnest Money

A small amount of money that a seller requires a potential buyer to deposit before a transaction is completed. Earnest money ensures that the potential buyer is serious about the transaction and will be likely to complete it when the time comes. If the buyer subsequently withdraws from the deal, he/she usually forfeits the earnest money. It is common in real estate and securities (where it is usually called a good faith deposit). Earnest money reduces the risk to the seller. It is also called a binder.


(1) Money given as earnest money for an oral contract to purchase real estate, to bind the parties until such time as they can complete the necessary written contract. (2) A written instrument giving immediate casualty coverage for property, even though the insured may not have paid a premium or received a policy.(3) A temporary contract of title insurance in which the insurer agrees to issue a final policy if certain exceptions, such as prior mortgage liens, are removed at or before closing.

References in periodicals archive ?
50/70) results are diversified but except some limited cases, binders met requirements.
According to Furness, the money spent on modifications to equipment necessary to transition to inorganic binders is often quickly returned based on energy and process savings.
RTR binders have been used to provide this same type of improved performance.
Disclosures: GemTech Medical provided the binders used in the study.
Use of a softer virgin binder grade (PG58-28) typically reduced the stiffness of the mixes.
The curing mechanism of furan nobake binders involves a chemical reaction known as condensation, and more specifically dehydration, during which water is formed as a reaction byproduct.
The company says its binders are an improvement over the traditional clear-overlay binders available from office supply dealers, into which are inserted printed sheets, and other traditional methods.
In addition to binders, I also use a system of folders that are kept in the large file drawer of my desk.
Although other round-robin studies have been performed in the past, we believe that this offering represents the first time that a formal proficiency sample program has been initiated for tests on roofing asphalt binders," says Mike Anderson, the Asphalt Institute's director of research and laboratory services.
The amount of binder in the coating color had a huge effect on the formation of binder-rich particles.
With renewals, you are less likely to encounter problems during the binder period because an agreed policy already exists.
Carstens' custom imprinting is available on both its side- and top-opening ring binders, which come in 19 colors.