Seller concessions in a real estate transaction involve the seller covering certain costs or fees associated with purchasing a home. These concessions are typically negotiated as part of the agreement between the buyer and seller. However, it’s crucial to ensure that any concessions agreed upon are explicitly stated in the contract to be enforceable.
While sellers may verbally agree to provide concessions, if these concessions are not included in the contract, they may not be enforceable. Therefore, it’s essential for buyers to ensure that any concessions offered by the seller are documented in the contract to avoid misunderstandings or disputes later on.
Buyers should work closely with their real estate agent or attorney to ensure that all negotiated concessions are clearly outlined in the contract before finalizing the deal. This ensures that both parties are aware of their obligations and rights regarding concessions.
In summary, while sellers may agree to provide concessions, it’s crucial for buyers to ensure that these concessions are included in the contract to make them enforceable.
