The settlement is anticipated to possibly allow MLS to create a seller concessions field contingent that the money is not solely for the buyer agency nor conditioned on the same.

So, the SCR310 seller paid buyer’s transaction costs contain a long list of buyer’s transaction costs and so that should comply.

Also, the SCR310 seller paid buyer’s transaction costs go to VA non-allowable costs first and so could help with the buyer agency compensation along with proper use of the SCR120 compensation agreement and SCR130 buyer agency agreement.

Buyer’s transaction costs include all costs and closing costs resulting from selected financing, pre-paid recurring items, insurance (including but not limited to mortgage insurance, title insurance lender/owner, flood, insurance, and hazard insurance) discount points, interest, non-recurring closing costs, title exam, FHA/VA allowable costs, fees and expenses of Buyer’s attorney, contractually required real estate broker compensation, and the cost of any inspector, appraiser, or surveyor

At Closing, Seller will pay Buyer’s transaction costs not to exceed $________ , which includes non-allowable costs first and then allowable costs (FHA/VA). Buyer is responsible for any Buyer’s transaction costs exceeding this amount. If the amount exceeds the actual amount of those costs or amount allowed by Lender, then any excess funds will revert to Seller. Seller will also provide or pay for all of Seller’s transaction costs. If no Closing, Buyer is responsible for Buyer’s transaction costs and Seller responsible for Seller’s transaction costs.

The National Association of REALTORS® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

Posted by: Byron King on 04/01/24 (This information is only accurate as of 04/01/24. You must contact SCR for updates and changes to this information after 04/01/24 as laws and regulations may change over time. SCR 803-772-5206 or email info at or email byron at

This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.