Equitable distribution of excess or deficiency.
The allocation of property taxes, interest, insurance premiums, rental income, etc., between buyer and seller proportionate to time of use.
To divide proportionately among the parties involved based on a fixed date of computations their share of an obligation paid or due , e.g., taxes, water, sewer and rents.
Charging or crediting the seller for their portion of the taxes for every day that they occupy a property.
The method used in dividing charges into that portion which applies only to a party's ownership up to a particular date.
Adjustments of interest, taxes, and insurance, etc., on a pro rata basis as of the closing or agreed upon date. Fire insurance is normally paid for three years in advanve. If a property is sold during this time, the seller wants a refund on that portion of the advance payument that has not been used at the time the title property is transferred. For example, if the property is sold two years later, the seller would receive 1/3 of the advance premium that was paid. Usually done in escrow by escrow holder at time of closing the transaction.
Dividing or assessing proportionately. Example: if the seller has owned the home 8 months of the year, he would be responsible for 8/12ths of the taxes, insurance and other costs of owning the property.
A proportionate division of expenses, such as taxes, insurance, and interest between the buyer and seller of a property, according to time of use for each.
The process of dividing or distributing proportionately.
To divide proportionally among the parties involved such as taxes, water, sewer, and rents.
To assess proportionately any amount associated with the sale of a property at closing. For the buyer, interest is prorated to include only the day of closing and forward. In Glynn County, property taxes are due in December. So for any property closing prior to December, the Seller's portion of the property tax due for the time period they owned the house will be prorated and credited to the Buyer so in December, the Buyer is responsible for the entire year's tax.
To divide (prorate) taxes, insurance premiums, etc. between buyer and seller proportionately to time of use or date of closing.
The proportional distribution or allocation of parameters, such as noise power and transmission losses, among a number of tandem-connected items, such as equipment, cables, links, or trunks, in order to balance the performance of communications circuits. In a telephone switching center, the distribution or allocation of equipment or components proportionally among a number of functions, to provide a requisite grade of service.
Proportionately dividing something such as money or an expense (utilities, taxes).
The division of money obligations according to some formula. In a business closing, a seller may have paid for certain benefits into the futures that are assumed by the buyer. The costs of these benefits are “prorated” between the seller and the buyer as part of the closing statement (e.g. prepaid rent, prepaid advertising, security deposits).
The proportional division of certain costs of home ownership. Usually used at closing to figure out how much the buyer and seller each owe for certain expenditures, including real estate taxes, assessments, and water bills.
The process of dividing or allocating something (especially a sum of money or an expense) proportionately, according to time, interest, or benefit.
Agreed-upon percentages of certain expenses associated with a piece of property that must be paid by the buyer or the seller at the time of closing.
Typically used at the close of escrow; it is the division of expenses equally or proportionately to time of use. Example; property taxes must be prorated to determine how much to charge the buyer and refund the seller (or vice versa).