Concessions occur when one party in a transaction covers certain costs and fees for another party. In most cases, the seller or the agent offers concessions to the buyer.
If an agent is offering a concession out of their commission:
- This should be entered into reZEN as a rebate.
- Rebates are used to credit a portion of a Real agent's commission back to the buyer or seller.
- You can find instructions to enter a rebate from your commission here: How to Enter Fees & Rebates
If the seller is offering a concession to the buyer:
- There is no need to enter this into reZEN.
- Seller concessions to the buyer should be arranged directly with the closing company, most often with an addendum to the sale contract.
- If you have any questions about how seller concessions are handled in your state, please reach out to your state broker: Broker Contact Information
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