Monthly rent of $2,500 has been collected in advance for a 30-day month. Closing occurs on the 14th day of the month, and the seller owns the day of closing. What rent amount is credited to the seller?
Correct Answer
D) $1,166.67
Per diem rent = $2,500 ÷ 30 = $83.33. Seller owns 14 days including the day of closing, so the seller's share is $83.33 × 14 = $1,166.67.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A general warranty deed provides the greatest protection to the grantee by guaranteeing that the grantor holds clear title and has the right to sell the property. It includes covenants that protect against all defects in title, even those arising before the grantor owned the property.
Intestate succession is the legal process by which a deceased person's property is distributed according to state law when they die without a valid will. State statutes determine the order of inheritance.
Marketable title is title that is free from reasonable doubt as to who the owner is and free from liens, encumbrances, or defects that would cause a reasonable buyer to hesitate before purchasing. It is also known as merchantable title.
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- → In a covered purchase transaction, the borrower receives a final form showing the loan terms, cash to close, and settlement charges shortly before consummation. What form is this?
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