Schedule of Prorations Clause Samples

The Schedule of Prorations clause defines how certain costs and expenses related to a property, such as taxes, utilities, or rents, are divided between the buyer and seller as of the closing date. Typically, this clause specifies which items will be prorated, the method for calculating each party's share, and the effective date for the division. Its core practical function is to ensure a fair and accurate allocation of ongoing financial obligations, preventing disputes by clearly outlining each party's responsibility for shared expenses at the time of transfer.
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Schedule of Prorations. The parties shall endeavor to jointly prepare a schedule of prorations for the Property no less than five (5) days prior to Closing.
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Schedule of Prorations. The parties shall endeavor to jointly prepare a schedule of prorations for the Property not less than three (3) Business Days prior to Closing. The parties shall correct any errors in prorations as soon after the Closing as amounts are finally determined.
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Schedule of Prorations. The parties shall endeavor to jointly prepare a schedule of prorations for the Property no less than two (2) days prior to Closing; provided that Seller timely provides all available information necessary to prepare such prorations. To the extent that Seller does not timely deliver this information, Buyer shall have the right, but not the obligation, to extend the Closing Date by the number of days Seller is delinquent in delivering such information. The Escrow Agent shall prepare and deliver to Seller and Buyer as soon as practicable an estimated closing statement which shall set forth all costs payable, and the prorations and credits provided for in this Agreement. Any item which cannot be finally prorated because of the unavailability of information shall be tentatively prorated on the basis of the best data then available and adjusted when the information is available in accordance with this subsection. Buyer and Seller shall notify the Escrow Agent and each other of any items which they dispute and the parties shall attempt in good faith to reconcile any differences not later than one (1) day before the Closing Date.
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Schedule of Prorations. Seller shall prepare a schedule of prorations for Purchaser’s review and approval not less than three (3) Business Days prior to Closing and the parties shall endeavor to finalize such schedule (the Settlement Statement”) not less than three (3) Business Days prior to Closing.
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Schedule of Prorations. Seller and Purchaser shall work together to jointly prepare a schedule of prorations for the Property no less than five (5) days prior to Closing.
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Related to Schedule of Prorations

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