Definition
Something of value given by one party to induce the other to transact, such as a seller paying buyer closing costs.
Example
The seller granted a $9,000 concession toward closing costs rather than reducing the price.
Related terms
Frequently asked questions
What does Concession mean in real estate?
Something of value given by one party to induce the other to transact, such as a seller paying buyer closing costs.
How is Concession used in practice?
The seller granted a $9,000 concession toward closing costs rather than reducing the price.
This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.