A “binder” or offer to purchase is a written agreement entered into between the Buyer and the Seller. A binder deposit, normally one percent of the purchase price, is tendered from the Buyer to the Seller. The offer to purchase is designed to hold the property from sale pending the preparation by Seller’s counsel of a formal contract. In some areas in Connecticut, the Buyer proceeds immediately to an offer/contract provided by a real estate broker. It is definitely advisable to have this document reviewed by an attorney if there is not going to be a formal contract.