Escrow & Title
In West Virginia, 'proration' at closing means:
AThe buyer and seller negotiate who pays each closing cost
BDividing ongoing expenses (taxes, rent, HOA dues) proportionally between buyer and seller based on the closing date✓ Correct
CThe lender's fee for processing the loan
DCalculating the appraiser's fee based on property value
Explanation
Proration divides recurring property expenses (taxes, HOA dues, rents, utilities) between buyer and seller according to their respective periods of ownership during a given period. The party who owned the property during a portion of the period pays for that portion.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Math Concepts
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