Escrow & Title
In Missouri, 'proration' of property taxes at closing is necessary because:
AMissouri taxes are always paid on the closing date
BTaxes are paid annually (in arrears) but must be fairly divided between buyer and seller based on their respective ownership periods✓ Correct
CThe county requires prorations
DMREC mandates proration of all expenses
Explanation
Missouri property taxes are paid in arrears (current year taxes paid the following year). At closing, taxes must be prorated so each party pays for their period of ownership. The buyer receives a credit for the seller's unpaid portion.
Related Missouri Escrow & Title Questions
- A deed in Missouri must be acknowledged (notarized) primarily to be:
- In Missouri, constructive notice means:
- In Missouri, who typically selects the title company?
- A Missouri 'administrator's deed' (or 'executor's deed') is used when:
- Constructive notice in Missouri means:
- In Missouri, a 'subordination clause' in a lease provides that if the landlord gets a new mortgage, the:
- In Missouri, a warranty deed transfers property with which level of title protection?
- Missouri's 'torrens system' of land title registration is:
Practice More Missouri Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Missouri Quiz →