Escrow & Title
In a Wyoming real estate transaction, proration at closing is used to:
ACalculate the broker's commission
BAllocate ongoing property expenses between buyer and seller based on the closing date✓ Correct
CDetermine the property tax assessment
DCalculate the loan origination fee
Explanation
Proration allocates ongoing expenses (property taxes, HOA dues, prepaid rents, utilities) between the buyer and seller based on the closing date. Each party pays their proportionate share for the period they own or will own the property.
Related Wyoming Escrow & Title Questions
- RESPA prohibits which practice in Wyoming real estate closings?
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