Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately


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

Definition of 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.

Search the Glossary

Mortgage Rates
When it comes to mortgages, low rates are king. Come check out our greatest mortgage rates and see how much you can save.
Mortgage Rates
Canada's Top Mortgage Calculator
Try Canada's #1 calculator and see what kind of difference a low mortgage rate can make. A few percentage points can mean thousands in savings, it might just blow your mind.
#1 Mortgage Calculator
Mortgage Brokers
Using a mortgage broker will save you money — money you could be using on more important things like your children's education, saving for an early retirement, paying your bills or buying that awesome motorcycle your wife says is way too expensive.
Mortgage Brokers Save You Money