Contracts
In Massachusetts real estate practice, 'binder' and 'Offer to Purchase' are often used interchangeably to refer to:
AThe final purchase agreement
BAn initial written offer that creates a preliminary binding obligation✓ Correct
CThe listing agreement
DThe mortgage commitment
Explanation
In Massachusetts practice, a binder or Offer to Purchase is the initial written offer from the buyer. When accepted by the seller, it creates a binding (though often preliminary) contract, typically subject to the execution of a more detailed P&S Agreement.
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