Acceptance

Definition

  • In real estate terms, acceptance refers to the formal written approval when a property seller accepts the offer made by the buyer for purchasing the property.
  • An agreement to meet a bill of exchange, effected by signing it.

Synonyms
acknowledgement, taking, agreement, go-ahead, approval

Related Terms and Acronyms

  • Contract Definition,
    • An agreement between two or more parties that can be enforced by law.
  • Letter of Intent Definition,
    • A formal notification that a buyer intends to buy property. It is not legally enforceable.
  • Modification Definition,
    • A change in terms of the loan agreement.
  • Offer Definition,
    • To propose or give something.
  • Purchase Agreement Definition,
    • A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
  • Renewal Definition,
    • Signing on again with the same lender once a term is up.
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