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Define Non-Prorated Expense in Real Estate
Non-Prorated Expense:
A "non-prorated expense" is a cost that either the buyer or the seller has to pay during a real estate transaction, but it's not shared with the other party. This means that one person has to pay for it all on their own, without any help.
Example:
For example, let's say the seller has to pay attorney fees and documentary tax stamps, and the buyer has to pay lender fees. These are all non-prorated expenses, which means each party has to cover their own costs without splitting them with the other party.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Non-prorated expenses, what are those?
They're costs for one party, like a garden hose.
Attorney fees and taxes, oh my,
Lender fees too, they're worth a try!
When you're closing a real estate deal,
These costs can be quite the ordeal.
One party has to pay them all, for real,
Without splitting them, like a meal!
So if you're buying or selling a space,
Be sure to know what costs you'll face.
Non-prorated expenses are no disgrace,
Just be prepared, and they'll be in their place!