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Compliance Blog: Concessions


It’s the single most magical word any Connecticut REALTOR® can hear. It will get grown men to skip through the streets and grown women to pump their fists in glee. This one word can make a REALTOR® weep. The one word?

SOLD!

Congratulations you’ve sold a piece of Connecticut real estate. You are thrilled, your clients are thrilled and everyone from the banker to the lawyer is gearing up for the closing. Once you get to that closing there are a whole host of things you need to do, not the least of which is closing the property out on the MLS. When you’re doing this, there are certain things to keep in mind.

When a listing is closed out in the MLS, only the Gross Sale price should be reported. Concessions should not be factored in. There are several reasons for this. First of all, what constitutes a seller concession as it is not defined under state law or regulation? How are non-financial seller concessions valued? And does the seller concession constitute confidential information? The definition of what constitutes a Seller concession is vague. By omitting concession amounts in the MLS we help protect against incomplete or misleading data.

Once you’ve taken care of all your closing business and closing out the property in the MLS, you can commence your skipping, fist pumping and even weeping.

Do you have any questions about how to notate concessions in the MLS? Share them in the comments below and we will answer them for everyone.

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