May 18 , 2016

Tampa School of Real Estate

Prorate

Definition:   the division of proportionate shares of charges and credits between the buyer and seller according to their period of ownership

Pronunciation:   \(ˌ)prō-ˈrāt\

Used in a Sentence:   Some of the most common items to be prorated are interest on loans, insurance premiums, utilities and real property taxes.

P