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Concession
Is something that one party gives up or agrees to in order to reach a compromise. When negotiating the sale of a house, both the buyer and seller may need to make concessions in order to come to an agreement. For example, a seller may agree to lower the price of the house if the buyer agrees to purchase it without asking for repairs to be made. Alternatively, a buyer may agree to a shorter closing time if the seller agrees to leave certain appliances or furniture behind. Concessions are a common part of real estate negotiations, and can help both parties reach a mutually beneficial agreement. However, it's important for both buyers and sellers to carefully consider any concessions they make and ensure they are not giving up too much in the process.
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