However, keep in mind that a short-term binder is not the same as insurance. These savings can be significant, making this an attractive option.Īs an added bonus, the interim binder is a practical and affordable option if the developer or the buyer plans to resell the property within two years. Purchaser title insurance is often covered by the seller, however this is not always the case. Most of the time, the agent for the previous buyer (now seller) is unaware that a title binder was acquired. When selling the property, it’s important to employ the same title company that issued the title insurance binder. Still, there are businesses that will give you an extra year if you pay an extra 10%. Typically, the normal duration for a title interim binder is two years. Important Things to Remember About the Title Binder.One important key to the title binder is answering this one question, “How long do I plan on keeping this property?’.What A Title Insurance Binder Is: Roles In A Real Estate Transaction.
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