Under the TREC One to Four Family Residential Contract, Paragraph 13 addresses prorations. Which items are typically prorated at closing?
Correct Answer
A) Property taxes, HOA assessments, and maintenance fees based on the closing date
Paragraph 13 provides for the proration of property taxes, interest, maintenance fees, assessments, and rents at closing. These expenses are divided between the buyer and seller based on their respective periods of ownership.
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Agent Rivera is completing Paragraph 4 of the TREC One to Four Family Residential Contract, which addresses the license holder disclosure. Agent Rivera is the listing agent. What information must be disclosed in this paragraph?
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