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This Seller Concession Addendum outlines credit terms for buyers and sellers in Michigan. It ensures clarity on settlement costs, closing costs, and lender stipulations.

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What is seller concession addendum?

A seller concession addendum is a document used in real estate transactions where the seller agrees to cover certain costs for the buyer, such as closing costs, repairs, or other expenses, as part of the sales agreement.

Who is required to file seller concession addendum?

Typically, the seller or their representative (real estate agent or attorney) is required to file the seller concession addendum as part of the purchase agreement documentation.

How to fill out seller concession addendum?

To fill out a seller concession addendum, include details such as the property address, names of the buyer and seller, specific concessions being offered, and any conditions or limitations on the concessions.

What is the purpose of seller concession addendum?

The purpose of a seller concession addendum is to outline the financial assistance the seller is providing to the buyer, making the property more appealing and helping the buyer manage their upfront costs.

What information must be reported on seller concession addendum?

The seller concession addendum must report the agreed-upon concessions, including the dollar amount or percentage of closing costs covered, any relevant conditions, and the signatures of both parties.

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