Binders—what's the deal on LI?

I know good faith binders don't exist in Westchester, but they do on L.I. How much are they typically? Any info that will help educate me on this would be greatly appreciated.

Re: Binders—what's the deal on LI?

A binder is usually a sales agreement between the buyer and the seller stating the agreed upon price, % down and on or about closing date. It's usually pending a home inspection. I have been down the good faith road and you can trust anyone anymore. I binder means nothing until it is signed by both parties. It doesn't cost anything and is usually written up by the real estate agent.

Message edited 2/5/2009 4:00:27 PM.