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Acceptance
Acceptance is a seller's written statement that approves a buyer's offer. Say that you are in the market for a new home and begin shopping around. You are surprised by the low mortgage rates and get pre-approved to spend $300,000 on your new home. You see a number of great choices but have a hard time narrowing the field down. You finally decide on a gorgeous condo that is located in the perfect area. Your place is close to everything, but there are several other buyers who are after the same property. Acting quick is essential so that you can get the condo of your dreams, and you approach the seller with your offer. You agree to pay $200,000 for the home. This is a little less than you expected to pay, and you get an acceptance letter from the seller to ensure that the home is not sold to someone else.