concessions

Definition

Money or perks the seller agrees to provide the buyer at closing, typically covering closing costs or repairs. It's the real estate equivalent of throwing in floor mats when buying a car.

Example Usage

The seller offered $5,000 in concessions, which almost covers half of what this place actually needs in repairs.

Origin

General negotiation term adopted into real estate transactions

Fun Fact

In hot markets, asking for concessions is like asking for a free appetizer at a restaurant with a three-hour waitline—good luck.

Source: Real estate transaction terminology

Related Terms

Beginner

DOM

Days On Market—the number of calendar days a listing has been active, serving as a digital scarlet letter that either signals a property is priced wrong or has bodies buried in the backyard. The higher the number, the more desperate everyone becomes.

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Beginner

Days on Market

The public countdown timer that silently shames a property for not selling fast enough. After 30 days, neighbors start whispering. After 90, the house might as well have a scarlet letter on the lawn sign.

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Intermediate

percentage rent

Additional rent paid by retail tenants based on a percentage of their gross sales above a threshold, common in shopping centers. It's the landlord's way of ensuring they profit from your business success while you bear all the risk.

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Beginner

notice

The formal heads-up you're legally required to give before doing something that affects someone else, like ending a lease, quitting a job, or evicting a tenant. It's usually 30, 60, or 90 days, giving just enough time for panic and apartment hunting. Without proper notice, your plans become legally questionable at best.

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Intermediate

quiet enjoyment

A tenant's right to use rental property without interference from the landlord or other parties. Not about noise levels—it's about being left alone to live your life between rent payments.

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Advanced

downzoning

The legislative process of changing zoning to allow less intensive land use, such as reducing permitted building height or density. It's how existing homeowners pull up the ladder behind them to prevent the neighborhood from changing.

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See “concessions” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.

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