What does mutual acceptance means?
Mutual acceptance is the agreement between a buyer and the seller of a house about the prices, terms, and conditions of the sale. After reaching this agreement, mutual acceptance will bind the buyer and the seller.
Both parties will then agree on the timeline of contingencies, house inspections, and other appropriate steps to be taken. The mutual acceptance date will mark the beginning of all major important steps to be made in the house buying process.
For example, if the house inspection has a 15 days time frame, this time will begin a day after the mutual acceptance is reached.
