Compliance Corner- Reporting concessions on Closed listings

Updated February 22, 2023 18:06

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Compliance Corner #36

April 23, 2021

Reporting Concessions on Closed Listings

Entering seller concessions correctly is an important part of closing your listing. The closed price is used for a variety of statistical purposes in the SmartMLS, the most important of which are CMA comps and appraisals.

When reporting a Closed listing in Matrix, the sales price should match the amount recorded at Town Hall when the title has passed.

Do not add or subtract the concession amount from your closed price.

Any concessions are to be recorded in the Concessions field:

If you enter a Concessions amount, you can choose to use the adjacent Description of Seller Concessions field to provide a brief explanation of the nature of the concession.

Example:

Sale Price recorded at Town Hall: $300,000 (amount entered in Closed Price field)

Concessions to buyer: $6,000 (amount entered in the Amount of Seller Concessions field when marking the listing Closed).

You can find the amount of seller's concessions (as well as the description of the concessions) on a closed listing in the Marketing History section towards the bottom of the Agent Full display:

If you have any questions about how to enter a concession, please contact SmartMLS at 203-750-6000.

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As always, please feel free to contact the Compliance Team for additional information. Send an email to compliance@smartmls.com or call us at 203-750-6000.