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Seller's concession contract language Form: What You Should Know

Is a seller concession allowed in NC? Is it common? Find out.

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Video instructions and help with filling out and completing Seller's concession contract language

Instructions and Help about Seller's concession contract language

Hey guys, how are you doing? This is a new haunted house on Jesse N. Listen, a topic came up just now. I actually have a friend of mine out right now as we speak. He's at an open house, okay? So he's calling me, he's all freaking out. He's saying that the listing agent is saying that the seller is offering a three percent concession at closing. What does that mean? Because, you know, he's very new to the business. So, you know, everything aside, I'm not yelling at him, but I'm telling him, I said, "Dude, you have to understand. We talked about this already, okay? I even talked about it in my earlier posts. So please follow my YouTube and also, you know, it is crucial that you understand in a real estate transaction." You understand exactly what it is that you're required to do or you're required to understand. In this case, you must have the expertise and the knowledge in this transaction. So let's talk about it real quick, okay? Seller's concession means the word concession means that, you know, the seller conceded to whatever it is – terms, money, in this case. The listing price is $499,000, so half a million dollars. The seller conceded to a 3% seller's concession in closing. That means the seller is giving you $15,000 in credits to help you at the closing table with those closing costs. I know a lot of FHA loans and special loans like that. They have the sellers contribute towards the closing costs because, remember, we talked about the FHA's three and a half percent down payment. For people who need extra help with the down payment and closing costs and so on and so forth, alright? So, that's what it is. The question he...