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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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JumpySubsequentDolphin
11:10
I interviewed like two weeks ago, not sure how quick they get back to peeps post interview
JumpySubsequentDolphin
11:10
but my interview was a disaster so not holding onto hope
Late to the party but my name is Paul Leachman in Delray Beach, FL (WashU pls respond)
11:11
Why is it taking so long for WashU to get back to me. Ppl are getting acceptances in a month or less
letsseehowitgoesnow
11:11
...
triplethread
11:11
@BookLover125: RETWEET
triplethread
11:12
is it bad i lied about getting into case western bc my parents are bugging me about my first a
@BookLover125: they are so impressed with your application they are renaming the library after you before admitting you
Do you know not everyone says they were ED?
11:12
No they shouldn’t be bugging you this is stressful enough without them adding More. Do what u gotta do
11:13
Got jokes I see
triplethread
11:13
its sooo stressful and im not even done applying
Just apply and get the A lol
triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
Write in Dean Z vote
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