Optional Seller Concessions Offered Y/N Fields went live in Flexmls on August 14, 2024.
Here’s what you need to know about the new, optional Seller Concessions Offered Y/N field(s):
1. They are optional. If authorized by the Seller, the listing broker may answer “yes” and enter a dollar amount in the subsequent Seller Concessions Amount (optional) field. NOTE: This second optional field will only display when answering “yes” to the first field. Listing brokers have routinely entered Seller concession offers in the remark fields, communicating various Seller concessions in price. We offer this new Y/N field to make it more straightforward for the listing broker, when authorized by the Seller, to communicate a Seller’s willingness to consider offers requesting concessions towards a Buyer’s closing costs, including but not limited to a Buyer’s service providers. Listing brokers may still add any concession information in the remarks in addition to (or instead of) this optional field.
2. They may not be used as compensation fields. On August 16, we will remove the compensation fields in Flexmls to comply with the NAR Settlement. While a Buyer may choose to use a Seller’s Concessions to compensate the Buyer’s service providers, per the NAR Settlement, it is prohibited to limit or condition Seller concessions upon the retention of or payment to a cooperating broker, buyer broker, or other buyer representative.
3. They are negotiable. Seller concessions usually aren’t binding until they are established in an executed contract such as a listing agreement or a purchase contract. Regardless of how these fields are completed (or left blank), Seller concessions should be negotiated between a Buyer and Seller.
4. They do not replace the Seller Concessions fields completed when closing a listing to document any seller concessions in the final negotiations between buyer and seller.
To confirm your understanding of Compensation vs. Commission vs. Concessions, review nar.realtor/magazine/real-estate-news/sales-marketing/compensation-commission-and-concessions