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
approval, agreement, go-ahead, taking, acknowledgement

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.