Definition: the division of proportionate shares of charges and credits between the buyer and seller according to their period of ownership
Pronunciation: \(ˌ)prō-ˈrāt\
Used in a Sentence: Some of the most common items to be prorated are interest on loans, insurance premiums, utilities and real property taxes.
Prepare for Your Real Estate Career in 2025: Start Now and Seize the Opportunity As we find ourselves in the final stretch of 2024, there's a palpable sense of urgency...
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