Binder – In law, a binder (also known as an agreement for sale, earnest money contract, memorandum of sale, or contract to sell) is a short-form preliminary contract in which the purchaser agrees to buy and the seller agrees to sell certain real estate under stated terms and conditions, usually in the form of a purchase offer, and is enforceable in a court of law and used to secure a real estate transaction until a more formal, fully negotiated contract of sale can be signed. See offer and acceptance.
Exempt – Grandfather clause that allows a pre-existing condition to continue, Tax exemption that legally excludes income or other value to reduce taxable income