Escrow & Title
Prorations at closing in Utah refer to:
AThe commission split between agents
BThe allocation of ongoing costs (such as property taxes and HOA fees) between buyer and seller based on the closing date✓ Correct
CThe lender's fee for processing the loan
DThe title company's charge for the title search
Explanation
Prorations divide ongoing costs—such as prepaid property taxes, HOA dues, and utilities—between buyer and seller proportionally based on the number of days each party owned the property in the billing period.
Related Utah Escrow & Title Questions
- In Utah, when does title to real property pass in a deed transaction?
- TRID (TILA-RESPA Integrated Disclosure) rules require lenders to provide the buyer with a Loan Estimate within:
- In Utah, an escrow can be established for which of the following?
- In Utah, a property seller who fails to pay off a mortgage at closing could result in the buyer:
- What is the purpose of a title insurance binder in Utah?
- Utah's recording priority under the race-notice system benefits subsequent purchasers who:
- An owner's extended title insurance policy (ALTA) in Utah provides protection not found in a standard policy, including coverage for:
- In Utah, a deed must be acknowledged (notarized) before it can be:
Practice More Utah Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Utah Quiz →