What Is A Proration?
Definition of "What is a proration?"
A proration is the division of certain fees. If the sellers have paid the taxes six months in advance, for example, they may want a portion of that payment back for the months you are living in the house.
Popular Real Estate Questions
Popular Real Estate Glossary Terms
Allocating common or central costs to each unit of property. An example is assigning to each owner of an apartment based on the number of rooms occupied the cost incurred by the landlord to ...
Contractual clause freeing a party from personal liability. Foe example, an exculpatory clause in a mortgage agreement provides a mortgagor the ability to surrender a mortgage property in ...
The term master deed is a deed filed by a condominium developer or converter to record all of the individual condominium units owned within a condominium development. For example, a ...
Expected selling price of property less costs to sell. It is the net amount received upon the sale of property. gross receivables less allowance for doubtful accounts, representing the ...
In insurance, charging the lowest rate accorded an insurance policy covering a minimum risk classification situation. For example, a homeowner's insurance for a home located within 500 feet ...
Depressed, poorly kept locality that may include vacant businesses. It may be a high crime area. The people living in the area are typically poor and there may also be homeless people. ...
Bottom of a frame such as a window sill. ...
Payment of the minimum tax by using legal tax planning opportunities such as estate planning. The use of tax avoidance strategies is a sound approach to retaining cash flow. On the other ...
Aluminum or metal treated barrier that is placed between the concrete and wood of the foundation of a newly constructed building to prevent termites from infesting the wood. Many experts ...
Have a question or comment?
We're here to help.