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Simple English definitions for legal terms

adjustment date

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A quick definition of adjustment date:

Adjustment date: The day when something in a contract or agreement changes. For example, in real estate, it's the day when the interest rate on a mortgage changes. This happens because the interest rate is usually fixed for a certain period, and then it's adjusted to match the current market rate. The adjustment date is also when the costs of a real estate transaction are calculated and shared between the buyer and seller. This includes things like property taxes and utilities. Mortgage funds are usually given out on the adjustment date, and interest starts accumulating from that day. Buyers try to schedule their closing date as close to the adjustment date as possible to avoid paying interest before they take possession of the property. The possession date and adjustment date are usually the same day, and the buyer starts paying for things like property taxes and utilities from that day onwards.

A more thorough explanation:

Adjustment date is a term used in finance and real estate to refer to the date on which a financial term of a contract or transaction is set to change. It is the date on which the parties involved in a transaction agree to adjust the terms of the agreement to reflect current market conditions.

One example of an adjustment date is the date on which the interest rate of an adjustable rate mortgage (ARM) changes. An ARM is a type of mortgage where the interest rate is fixed for an initial period before it is reset, according to the parties’ agreement, on a scheduled adjustment date, to reflect current market interest rates. The time between each adjustment or adjustment date is referred to as the adjustment period.

Another example of an adjustment date is the agreed-upon time for the completion of calculations of specific charges due from a buyer and seller in a real estate transaction. The adjustment date serves as the basis by which the buyer and seller’s shared costs, such as property taxes, utilities, and mortgage loan interest charges, are prorated. The prorated costs are included as debits and credits on a statement of adjustments prepared by a lawyer or notary.

The examples illustrate how an adjustment date is used to adjust the terms of an agreement to reflect current market conditions. In the case of an ARM, the interest rate is adjusted on a scheduled adjustment date to reflect current market interest rates. In the case of a real estate transaction, the adjustment date is used to prorate shared costs between the buyer and seller based on the current market conditions.

adjustment | adjustment of status

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18:21
You should have said to refund you or give 300 off
18:21
wasp is wasp
18:21
knows how be rich and demand shit lmfao
i am atheist not protestant
18:22
same thing tho ya? - catholic
BulbasaurNoLikeCardio
18:23
Ill just keep arguing for more money off until I get it or they end up paying me to take it lmao
18:24
what other guns ya got
are we losing hope for gtown lol
yeah i dont think gtown does A's this late unfortunately
18:25
it is like 630 on a friday there bud
18:25
think it is safe to say it aint happenin today\
damn it was a slow day today
BulbasaurNoLikeCardio
18:26
I got a custom built Leftie ar15 I run suppressed, a regular ar15, a .270 axis savage bolt gun, xd9, xd40 and have my AR10 I run suppressed.
BulbasaurNoLikeCardio
18:26
I do not think we will see a wave until after thanksgiving. Adcoms will be nice and not ruin someones thanksgiving with an R
18:28
ruin my thanksgiving law schools uwu
PerpetualCheerfulBeaver
18:53
I really thought a texas schools wave was going to hit today...guess it will be December 1
7Rings
19:00
No news is good news 😜
PerpetualCheerfulBeaver
19:10
the mentality im embracing
ClassyPleasantHeron
19:23
You will see some A waves next week, just before Thanksgiving. Schools like to give people things to talk about over the holidays.
19:26
my predict monday berk from earlier td
snow
19:33
Oregon decision rendered…
snow
19:33
Bro why don’t they just tell me lol
damn ive been under review for a month and no movement, when did u apply snow?
snow
19:39
The day apps opened. I still don’t know what the decision is tho lol
Dang. Crossing my fingers for you!!
snow
19:41
Thank you!!
shaquilleoatmeal
19:44
Snow dude wtf you been
snow
19:46
Working! I was prepping for a trial but it got reset!
snow
19:47
Have you don your gulc interview?
JumpySubsequentDolphin
19:47
@snow: snow!!!! I’m in Oregon should I break into admissions office and demand your decision be sent
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