Escrow & Title
In Kansas, prorated rents at closing means:
AThe seller refunds rent to the tenants
BPrepaid rents collected from tenants for the period after closing are credited to the buyer at closing✓ Correct
CThe tenant's security deposit is credited to the seller
DThe lender receives prepaid rent as a payment
Explanation
Any rent prepaid by tenants for periods beyond the closing date is a seller credit to the buyer, since the buyer will be receiving that rent as the new property owner.
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Key Terms to Know
Proration
The division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Math Concepts
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