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At settlement on a purchase, property taxes are 'prorated' between buyer and seller. What does proration accomplish?
a.It waives the taxes for the year
b.It doubles the tax bill at closing
c.It allocates taxes so each party pays for the portion of the period they owned the property
d.It transfers the taxes to the lender permanently
Giải thích
Proration divides recurring costs like property taxes between buyer and seller based on the portion of the tax period each owns the property. This ensures each party pays their fair share as of the closing date. It does not waive, double, or permanently transfer the taxes.
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