Monthly rent of $2,250 was collected in advance by the seller for a 30-day month. Closing occurs on the 19th day of the month, and the seller owns the day of closing. What is the seller's share of the month's rent?
Correct Answer
D) $1,425
Divide the month's rent by the days in the month to get the per diem: $2,250 ÷ 30 = $75.00. The seller owns the day of closing, so the seller's share covers 19 days: 19 × $75.00 = $1,425. Because the seller already collected the whole month in advance, the buyer's 11 days ($825) are debited to the seller and credited to the buyer on the settlement statement. The two shares always add back to the full month's rent, which is the fastest check on the day count.
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Key Terms:
Related Concepts
Escrow is an arrangement in which a neutral third party holds documents, funds, or other items on behalf of the buyer and seller until all conditions of the transaction are met.
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.
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