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rssraj, Home Buyer in 11375

Binder agreement sample

Asked by rssraj, 11375 Wed Jul 18, 2012

Folks

Can someone share a sample binder agreement with me or point me to a link? My broker just shared one with me but all it has is an offer to purchase and included appliances. It also indicates binder will be in force for 10 days from signed date. I thought it's customary to include some contingencies like inspection, loan appraisal, etc

Thanks

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Answers

7
the binder is just that ...the contingencies go into the actual contract.
1 vote Thank Flag Link Fri Sep 4, 2015
Have your Broker earn their compensation!
1 vote Thank Flag Link Wed Jul 18, 2012
I would like to Give. An offer, but I need to sell 1st. I am a cash buyer in oradell nj and want down size
0 votes Thank Flag Link Thu Jul 19, 2012
Hello,
In response to your inquiry about the Binder wording; it simply means that the agreement is only good for 10 days unless extended and signed by both parties. And, that you have received the copy of the brochure on the hazards of lead paint in the home.
Any property built previous to 1978 may contain lead paint which is known to cause cancer if ingested.

Hope that helps!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Thu Jul 19, 2012
Unfortunately my broker is not as efficient as i'd like him to be but i have to deal with him. Can someone explain me what the below exactly means?

This binder agreement shall be in full force only for a period of TEN business days from the above date unless renewed in writing by both parties. I/We, the undersigned, purchases of the above described premises agree to the terms set forth herein, and purchasers hereby confirm receipt from sellers of the booklet “Protect your family from lead in your home” which is the approved version by United States Environmental Protection Agency
0 votes Thank Flag Link Wed Jul 18, 2012
Hello,
I agree that if you are not satisfied with how the binder agreement is worded then tell your Broker and request another agreement that will include contingencies. Your Broker should be the one to assist you with this or NJAR's contract; not some other agent's version.

Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Wed Jul 18, 2012
If you google for "njar standard form real estate contract", number of results will have links to the form. However, if you have your broker, let him/her do it for you
0 votes Thank Flag Link Wed Jul 18, 2012
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