Utah Real Estate Terms | Glossary of Real Estate Terms | Realty Terms for Utah| Property Terms | "B" Terms
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B

Binder or "Offer to Purchase"—A preliminary agreement, secured by the payment of earnest money, between a buyer and seller as an offer to purchase real estate. A binder secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money is forfeited unless the binder expressly provides that it is to be refunded.

Broker—An independent businessperson who sets real estate office policies, hires employees, determines their compensation, and supervises their activities.

Building Line or Setback—Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be established by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning ordinances.

Buyer Agent—An agent who represents the buyer in a real estate transaction. A buyer agent may be paid by the buyer, seller, or listing agent at closing, provided all parties consent.