Is a company: no
Is a proper noun: no
Definition of Acceptance
- An agreement to meet a bill of exchange, effected by signing it.
- 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.
Related Terms and Acronyms
- Offer — Definition,
- To propose or give something.
- Renewal — Bank,
- Signing on again with the same lender once a term is up.
- Purchase Agreement — Bank,
- 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.
- 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 — Bank,
- A change in terms of the loan agreement.