To divide expenses and income between a buyer and a seller in proportionate shares For example, if a property is purchased at mid-year after the seller has already paid taxes on the property for the whole year, the purchases reimburses for one-half of those taxes, i e the pro-rata share
To divide or distribute proportionately; to divide monies, usually at time of closing, proportionately between seller and buyer
to allocate between seller and buyer their proportionate share of an obligation paid or due; for example, to prorate real property taxes or insurance
To divide or apportion an amount according to the number of days or months during the period Can relate to the amount of rent owed by a resident for occupying a unit for only a part of a month (Source: FHA Handbook 4370 4 REV-1, Appendix 2)
divide or assess proportionally; "The rent was prorated for the rest of the month" make a proportional settlement or distribution
A quantity provision in a fruit or vegetable marketing order that is intended to even out weekly shipments (or shipments for some other specified periods of time); it aims to prevent too much of the regulated commodity from entering the commercial market at the same time and depressing prices
To allocate between seller and buyer their proportionate share of an obligation paid or due For example a prorate of real property taxes, Home Owner Association dues, or condominium fee
to calculate a charge, price, etc according to the actual amount of service received rather than by a standard sum (pro rata)
To divide in proportionate shares, such as taxes, insurance, rent, or other items which the buyer and seller share as of the time of closing, or other agreed upon time top
To allocate between seller and buyer their proportionate share of an obligation paid or due For example a prorate on real property taxes, fire insurance, or condominium fee
1 v Adjust proportionally 2 n In the educational tour market, the number of paying customers required to earn a tour conductor's pass
To divide expenses and income between a buyer and a seller in proportionate shares For example, a buyer purchases property at midyear after the seller has already paid taxes on the property for the whole year The buyer reimburses the seller for one-half of those taxes, the pro-rata share, for the buyer's share of that year
To divide proportionately, so as to determine actual amounts owed by a buyer and seller at closing
In the insurance industry, the act of taking money that is currently due from the insurance company and moving it to the patient, knowing that the dollar amount being moved is due from the patient as a deductible, coinsurance, or copayment amount
In a telephone switching center, the distribution or allocation of equipment or components proportionally among a number of functions, to provide a requisite grade of service
budgeting the proportional distribution or allocation of parameters, such as noise power and transmission losses, among a number of tandem-connected items, such as equipment, cables, links, or trunks, in order to balance the performance of communications circuits
A reduction of the standard annual loan limit for an undergraduate student Proration of the loan amount is required if the student's program, or the remainder of the student's program, is less than a full academic year in length
The proportionate division or distribution of expenses of property ownership between two or more parties Closing statement prorations generally include taxes, rents, insurance, interest charges and assessments
The adjustment of benefits paid because of a mistake in the amount of the premiums paid or the existence of other insurance covering the same accident or disability
the proportional limitation of production or distribution of something (e g crude oil or natural gas) to some fractional part of the total capacity of each producer
the process in which certain items are divided (prorated) between buyer and seller at settlement Items such as property taxes, insurance premiums, insurance and rent are generally pro rated and shown on the settlement statement
To divide (prorate) property taxes, insurance premiums, rental income, etc , between buyer and seller proportionately to time of use, or the date of closing
To divide (prorate) property taxes, insurance premiums, rental income, etc, between buyer and seller proportionately to time of use, or the date of closing
A term referring to the reduction of a financial aid award, either because of less than full-time enrollment (in the case of a Pell Grant) or because the student will attend less than a full academic year, due to graduation at the end of the fall term (in the case of a Stafford Loan)