Finance
In Rhode Island, what is 'seller concessions' in a real estate transaction?
AThe seller's discount on the listing price
BContributions by the seller toward the buyer's closing costs or other costs of the transaction✓ Correct
CThe seller's reduction in commission
DThe seller's agreement to make repairs
Explanation
Seller concessions are contributions by the seller toward the buyer's closing costs, prepaid items, or other transaction costs. They are common in buyers' markets and must be disclosed to and approved by the lender, as they affect the net proceeds and loan LTV.
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