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Adjusting for Seller Concessions Instructor: Dennis Badger, AQB Certified USPAP Instructor 3.5 Hours Continuing Education A common tool used to help facilitate a real property transaction is to have
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How to fill out adjusting for seller concessions

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Point by point, here are the steps to fill out adjusting for seller concessions:
01
Start by reviewing the terms of the sales contract and identifying any agreed-upon seller concessions. These concessions can include items such as seller-paid closing costs, repairs, or maintenance agreements.
02
Determine the total value of the seller concessions. This can usually be found in the sales contract or through communication with the seller's agent.
03
Subtract the total value of the seller concessions from the contract price. This will give you the adjusted contract price, which reflects the net impact of the concessions on the transaction.
04
Update any applicable forms or documents, such as the closing disclosure or settlement statement, with the adjusted contract price. These documents need to accurately reflect the agreed-upon terms of the sale, including any seller concessions.
05
Notify all relevant parties, such as the buyer, seller, and lenders, of the adjusted contract price and any changes resulting from the seller concessions. Clear and open communication is essential to ensure that everyone is aware of the adjusted terms.
06
Keep detailed records of the seller concessions and the adjusting process. These records are important for documentation and future reference.
Regarding who needs adjusting for seller concessions, it typically involves the buyer, seller, and any relevant third parties such as lenders or title companies. The adjustment ensures that all parties involved are aware of the changes in the contract price due to the seller concessions. Additionally, lenders may require the adjustment to accurately assess the loan-to-value ratio and other financial factors.
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Adjusting for seller concessions is the process of accounting for any discounts or incentives offered by the seller to the buyer during a real estate transaction.
The buyer and seller are both required to include information about seller concessions on their respective closing documents.
To fill out adjusting for seller concessions, both parties should provide details about any concessions offered, including the amount and terms of the concession.
The purpose of adjusting for seller concessions is to ensure transparency in real estate transactions and accurately reflect the final sale price of the property.
Information such as the amount of the concession, the reason for the concession, and any terms or conditions attached to the concession must be reported.
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