As a result of the practice changes stemming from the NAR settlement, MLSs may (but are not required to) adopt an input field for “seller concessions” for the listing. This field may simply be a yes/no box, or it may allow a listing agent to input a specific percentage or dollar amount (members are advised to check with their MLS). This article addresses some basic questions about seller concessions.
What are seller concessions?
Seller concessions – or seller credits – are defined broadly as any monetary payment to cover any buyer expense such as the costs of escrow or title, lender fees, repairs, inspections, rate buy-downs, and may also include covering the obligation of the buyer to compensate the buyer’s broker.