To allocate between seller and buyer their proportionate share of an obligation paid or due. For example, a pro-rate of real property taxes or fire insurance.
The process of dividing a fee into smaller equal chunks. For instance, rent that is $300 per month would be divided between 30 days per month and pro-rated at $10 per day.
To allocate between the seller and the buyer their proportionate share of an obligation paid or due. Examples include property taxes, fire insurance or condominium fee.
to allocate proportionate shares of income (such as rents) or of an obligation (such as taxes and insurance premiums), paid or due, between seller and buyer at closing.
To divide or distribute proportionally. At closing, various expenses such as taxes insurance, interest, rents etc are prorated between the seller and the buyer.