BREAKING IT DOWN
What Is a Real Estate Binder?
Truth be told, real estate transactions are complicated. There are a lot of moving parts, and if you’ve never purchased or sold a property before, the foreign financial terms and real estate jargon can be confusing — cue Google! Despite the confusing parts, it is essential to understand some of the basics when engaging in real estate transactions. A real estate binder is either a formal or informal agreement leading up to the closing of a property. Binders are tricky because they serve many purposes and are used in a variety of different circumstances. Individual requests and the full sales agreement determine which binders will be used in different situations.
The generic “real estate binder” is typically referring to an escrow or mortgage binder. It usually means that the buyer will make a down payment, known as “earnest money,” on the property prior to closing. It is used as a way to make sure that the buyer is a serious purchaser. Then, the earnest money goes toward the purchase of the home. Another type of a binder is the property insurance binder. It is used to help ensure that the home being sold or purchased remains insured. Thus, a property insurance binder involves the purchasing of temporary insurance coverage that protects both the buyer and the seller during the real estate
transaction process. Insurance in a title binder is typically purchased if there is a gap in homeowners insurance coverage when the ownership transfer takes place. Lastly, a title insurance binder means that both the seller and buyer agree to have a title insurance company look through title and property records to make sure that the home’s title is free from problems and defects. This helps to ensure that the buyer receives a clear title on the home.
For all real estate questions, concerns, and advice, contact us today! We are here to help.
... continued from Cover
EASY CRANBERRY- APPLE SALAD MICHELE’S RECIPE CORNER
questions, when you work with Wells Fargo, I’m still your mortgage consultant after closing and am happy to answer all of your questions.
A home purchase is the biggest decision in the buyer’s life — it’s likely the most money they will spend at any given moment. To know they have someone experienced and empathetic on their side to listen to and understand what they’re asking is great customer service. I love what I do and take great pride in providing the best advice. I personally have used Merlino & Gonzalez for my real estate transactions and my estate planning. Not only do I find them to be great partners in transactions and helping people purchase homes, but I’ve also trusted them immensely with my own real estate transactions throughout the years and with planning for my family’s future. I love working with John, Ken, and their entire staff because they are exceptional not only on a business level but also on a personal level. They are down to earth, compassionate, and good people. Together, we make a great team, and I am honored to work with them in finding so many people their dream homes in a swift, organized, and seamless transaction. -Tricia M.Shevack
Inspired by CookieAndKate.com
Want the taste of fall without the calories? Try this quick and easy salad, topped with homemade apple cider vinaigrette.
INGREDIENTS
For the salad: • 1/4 cup dried pumpkin seeds • 5 cups salad mix • 2 Granny Smith apples, chopped into bite-size pieces • 1/3 cup dried cranberries • 1/3 cup goat cheese, crumbled
For the dressing: • 1/4 cup olive oil • 1 1/2 tbsp apple cider vinegar • 1 1/2 tsp honey • 1 tsp Dijon mustard • Salt and pepper to taste
DIRECTIONS
1. In a skillet over medium heat, toast the pumpkin seeds until fragrant, then set aside. 2. In a small jar or bowl, whisk together all dressing ingredients, then set aside. 3. Combine all salad ingredients in a large bowl. Drizzle with dressing until lightly coated, then toss and serve!
3
718-698-2200
Made with FlippingBook Ebook Creator