Contracts
Under NC's Offer to Purchase, the buyer may request the seller to pay some of the buyer's closing costs. This is referred to as a:
ACommission reduction
BSeller concession or seller-paid closing costs✓ Correct
CDue diligence fee waiver
DEarnest money credit
Explanation
Seller concessions (seller-paid closing costs) are funds contributed by the seller to cover some or all of the buyer's closing costs, often used when buyers have limited cash for closing.
Related North Carolina Contracts Questions
- A NC seller who receives an offer during the due diligence period with a contingency to sell their current home is encountering which type of provision?
- The North Carolina Offer to Purchase and Contract is a standard form approved by:
- In North Carolina, the 'due diligence fee' paid at the time of an offer is:
- An 'as-is' clause in a NC real estate contract means:
- A 'void contract' in NC is one that:
- A North Carolina contract is 'executory' when:
- A counteroffer in North Carolina real estate:
- An addendum to a North Carolina real estate contract:
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