Step right up. Get your hot dogs, peanuts. Oh, wait. Wrong kind of concessions. Get your mind out of the amusement park and back to real estate.
Real estate concessions aren’t offered up in a cone or on a stick. These kinds of concessions are allowances offered by a seller to a buyer of a property. Occasionally a seller will offer an incentive to potential buyers in the MLS listing. Maybe they will include the washer and dryer or patio furniture with the sale. More often though, the buyer will request and negotiate a seller concession in the contract. They may want the piano or pool table. But usually, the buyer negotiates for some of their closing costs to be paid by the seller.
In the standard TREC residential contract, non-financial seller concessions such as furnishings or appliances are addressed by attaching a Non-Realty Items Addendum to the contract. This should always spell out exactly what is being transferred with the sale.