Proration & prorated items

Question 1

What is proration?

Answer 1

To prorate is to divide something in a proportional way, based on time. i.e. if you move in somewhere on the 17th, you only pay from the 17th to the end of the month instead of the full month.

Question 2

At closing prorations for property _____ and property _____ ___________ ____ will be calculated.

Answer 2

property taxes, property owner association fees

Question 3

At closing, taxes for the year that have not been paid will be

Answer 3

deducted from the seller’s proceeds