Which of the following items would be prorated at closing with the credit going to the seller? A. Accrued interest on an assumed mortgage B. Prepaid property taxes C. Earnest money D. Unearned rent collected in advance
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Proration at closing involves dividing certain costs between the buyer and the seller based on the time each party owns the property during the billing period. The goal is to ensure that each party pays their fair share of expenses or receives their fair share of Show more…
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