Rules Roundup: Seller’s Contribution
The accurate reporting of sales concessions plays a big role in accurately determining the value of a property. It is important for CMAs and appraisals. The Seller Contribution field is required for sold listings and must be reported accurately. The sold price reflects the gross sales price, so the Seller Contribution field is necessary to avoid misrepresentations.
The National Association of REALTORS defines seller contributions as: points paid by seller on behalf of buyer, seller-paid buyer closing costs, cash or cash allowances not escrowed, down payment assistance, additions or alterations not considered deferred maintenance, and personal property not usual and customary to such transactions conveyed from seller to buyer having an agreed upon monetary value.