The adjustment of taxes, interest, insurance and/or other costs on a pro-rata basis as of the closing of a sale. (See also closing statement.)
The allocation of expenses, such as taxes between buyer and seller at closing based on the number of days the property is owned during the month of closing.
Certain items such as property taxes and homeowners association dues are continuing expenses that must be prorated (distributed) between the buyers and sellers at close of escrow. If the buyers, for example, owe the sellers money for property taxes that the sellers paid in advance, the prorated amount of money due the sellers at close of escrow is shown as a debit (charge) to the buyers and a credit to the sellers.
the allocation of property taxes, interest, HOA dues, insurance premiums, rental income, etc. between buyer and seller proportionate to time of use. HOA Prorations - formula: monthly dues divided by 30 days equals per day amount (per diem) times the days that the party owns the property Property Tax Prorations - formula: 6 months taxes divided by 180 days equals per day amount (per diem) times the number of days the party owns the property Rent Prorations - formula: monthly rent divided by 30 days equals per day amount (per diem) times the days that the party owns the property
Division of financial responsibility between buyer and seller for such items as loan interest, taxes, rents and utility bills.
Items that must be prorated between you and the seller at the close of escrow. Can include Homeowner's dues, San Jose home taxes and other expenses. Generally, you will be responsible for paying a percentage of these taxes and fees beginning on the day in which you take title.
Expenses, either prepaid or paid in arrears, that are divided or distributed between buyer and seller at the closing.
At a real estate sale and/or loan closing, the allocation of charge and credits to the appropriate parties.
The allocation of charges and credits to the appropriate parties at a real estate sale and/or loan closing at a real-estate sale and/or loan closing.
Expenses that are fairly divided between the buyer and the seller at closing
