Exam term
Proration
Allocating income or expenses, such as taxes or dues, between seller and buyer by their ownership periods. Unpaid taxes give a seller debit and buyer credit.
Lessons that use this term
- Escrow in California: instructions, the escrow holder, closing, and prorations California
- Prorations: 365-day and 360-day methods Florida
- Closing costs, transfer and mortgage recording taxes, and prorations New York
- Settlement and closing the transaction Texas
- Settlement math: prorations, debits and credits, net to seller, cost to buyer, and closing fees Texas