Buying residential or commercial property is one of the biggest purchases that many people make in their lives. As a result, Ohio residents and business owners certainly do not want to overpay for real estate. In efforts to get the best deal, buyers may request certain concessions from the seller.
One of the most common concessions that buyers ask from sellers in a real estate transaction is for the seller to pay the closing costs or at least a portion of the closing costs. However, other concessions could also be requested, such as the seller making repairs or improvements to the property, reducing or waiving certain fees, including furniture in the purchase, or others. Typically, the desirable outcome of such concessions is fewer upfront costs for the buyer.
Of course, real estate deals often have an element of negotiation. As a result, a seller could simply say no to any requested concessions or make a request in return. The buyer could also make a higher offer on the overall price on the property to offset the closing costs or other expenses paid for by the seller.
Dealing in real estate can be nerve-wracking, especially if a potential buyer has his or her heart set on a particular piece of property. Still, it is important that Ohio residents and business owners understand their rights when looking to make a property purchase and their options for getting the most out of the transaction. It is also wise to work with an experienced attorney who understands the ins and outs of coming to terms for a piece of property.