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An amount of money paid to indicate good faith in a transaction before the transaction is completed.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


(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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
However, the high cost of processing techniques and raw materials may hamper the feed binders market over the review period.
"For tour information, you are advised that this Department has consistently interpreted the statutory time limitation in Section 168(3) as prohibiting extensions or renewals of fire insurance binders beyond the prescribed sixty-day period.
The values of percent recovered strain (R) for base and modified binders are also shown in Figure 3.
Saboundjian, "Low temperature cracking analysis of asphalt binders and mixtures," Cold Regions Science and Technology, vol.
The National Infrastructure Department (Dnit) issued normative rulings for asphalt rubber in 2009 (Departamento Nacional de Infraestrutura de Transportes [Dnit], 2009a and b) and for modified polymer binders in 2011 (Departamento Nacional de Infraestrutura de Transportes [Dnit], 2011).
--Don't buy a binder that is marketed to lesbians, tomboys, or cosplayers/stage performers.
A new /00% acrylic binder was developed to accommodate the increasingly broad range of exterior new build and repaint substrates and to be delivered with high so/ids to offer the paint formulator added flexibility without losing TiO2 efficiency.
Many states have statutes recognizing temporary insurance binders. Several recognize the validity of insurance binders through their case law.
It is the critical building block for producing silane-modified binders. Evonik has been producing IPMS in a new facility in Marl (Germany) since mid- 2013.
Based on the literature review, authors' personal experience and initial tests it was found that bituminous binders currently used in Poland, although typically satisfying specification requirements may not provide adequate low temperature properties.