Contracts
A North Dakota buyer wants to make an offer on a property that includes a provision for the seller to pay $8,000 of the buyer's closing costs. This is called a:
ACommission rebate
BSeller concession (seller contribution to buyer's closing costs)✓ Correct
CPrice reduction
DDiscount point
Explanation
Seller concessions are amounts the seller agrees to contribute toward the buyer's closing costs, prepaid expenses, or loan fees. They are common in North Dakota transactions and must be disclosed on the closing statement.
Related North Dakota Contracts Questions
- In North Dakota, which of the following is TRUE about consideration in a real estate contract?
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