Escrow & Title
A Florida property has an annual HOA assessment of $3,600. The closing is on August 1. Using a 365-day proration, how much does the seller owe the buyer as a credit (HOA unpaid)?
A$2,090.96✓ Correct
B$1,800.00
C$2,400.00
D$1,972.60
Explanation
Daily rate = $3,600 ÷ 365 = $9.863/day. Seller's days: Jan(31) + Feb(28) + Mar(31) + Apr(30) + May(31) + Jun(30) + Jul(31) = 212 days. Seller owes: 212 × $9.863 = $2,090.96.
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