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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Acceptance


Synonyms:acknowledgement, agreement, approval, go-ahead, taking
Filed Under: legal-contracts, mortgages, real-estate
Tags: contract, legal, mortgage, realty
 

Definition of acceptance

acceptance
1. An agreement to meet a bill of exchange, effected by signing it.
2. 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:

  • contract   An agreement between two or more parties that can be enforced by law.
  • letter of intent   A formal notification that a buyer intends to buy property. It is not legally enforceable.
  • modification   A change in terms of the loan agreement.
  • offer   To propose or give something.
  • purchase agreement   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   Signing on again with the same lender once a term is up.

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