Escrow & Title
A Maine closing involves proration of property taxes. The seller's closing is July 1. Annual taxes of $3,600 are paid in advance. How much does the seller receive back as a credit?
A$1,800✓ Correct
B$3,600
C$900
D$300
Explanation
Taxes paid in advance for the full year: $3,600. Seller is leaving July 1 (halfway through the year).
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