The A-Z of Escrow: B

Binder: A temporary insurance commitment covering a piece of real estate pending closing and the issuance of a permanent title policy.

Bona Fide Purchaser: One who buys a property in good faith, for fair value, and without notice of any adverse claim or third parties rights.

Breach of Contract: Failure to perform a contract, in part or whole, without legal excuse.

Broker Compensation or Fee: The amount of money the broker will receive for finding a loan for a borrower. This may be an amount paid by the borrower, an amount paid by the lender or a combination of the two.