The division in proportional shares, taxes, rents, or other items which a buyer and seller share at the time of closing.
To divide expenses proportionately between buyer and seller
To divide in proportionate shares, such as taxes, insurance or rent, which buyer and seller share as of the time of closing, or other agreed upon time.
The allocation of proportionate shares of income, ownership, or of an obligation, which a buyer and seller share at the time of closing.
To allocate between seller and purchaser their proportionate share of expenses or obligations, such as real-estate taxes or property insurance.
The act of adjusting, dividing or prorating property taxes, interest, insurance premiums, rental income, homeowner's association dues, etc., between Buyer and Seller proportionately to time of use or the date of Closing.
is a term to describe how to divide income or expenses between a Buyer and a Seller in proportionate shares. Two examples of this are taxes and rent payments on investment properties. In Montana property taxes are paid at the end of the year so if a Buyer purchase a property on the first of March, the taxes are prorated so that the Seller gives the Buyer two months worth of taxes because the Buyer will have to pay those taxes at the end of the year.
To allocate between seller and buyer their proportionate share of an obligation paid or due
The allocation of proportionate shares of certain expenses, such as interest, to be paid by the buyer and seller at closing.