Mid-Month Closings and Rent Proration in Michigan: How Title Companies Calculate It
Closing a Michigan rental on the 1st is clean. Closing on the 17th gets interesting. Rent, security deposits, prepaid utilities, association dues, and property tax all need to be split between the seller and buyer. The Default Michigan Convention Michigan title companies typically prorate using the actual days in the month (not 30-day banker months), … Continued