ProrationItemEnum
Title
ProrationItemEnum

Description
A value from a MISMO prescribed list that represents a cost already paid by one party that must be prorated at the time of loan closing and allocated between a property seller, homebuyer, or other parties to a real estate transaction.

Used By
\MESSAGE\DEAL_SETS\DEAL_SET\DEALS\DEAL\LOANS\LOAN\CLOSING_INFORMATION\PRORATION_ITEMS\PRORATION_ITEM\ProrationItemType ( ProrationItemType )

Codes
Value Description
BoroughPropertyTaxProperty tax levied by the borough in which the subject property is located.
CityPropertyTaxProperty tax levied by the city in which the subject property is located.
CondominiumAssociationDuesFee payable to condominium association in which the subject property is located, which is intended to pay electricity bills for street lights, landscaping, and maintenance and repairs to community facilities like clubhouses, pools, and exercise rooms and may also cover insurance on community assets, the salaries of condominium association employees and/or third party management fees.
CondominiumAssociationSpecialAssessmentFee payable to condominium association in which the subject property is located for capital improvements, utility service upgrades, etc. that are assessed in addition to the regularly occurring condominium dues.
CooperativeAssociationDuesFee payable to cooperative in which the subject property is located, which is intended to pay common utilities, landscaping, and maintenance and repairs to cooperative facilities and may also cover insurance on cooperative assets, the salaries of cooperative employees and/or third party management fees.
CooperativeAssociationSpecialAssessmentFee payable to cooperative association or corporation in which the subject property is located for capital improvements, utility service upgrades, etc. that are assessed in addition to the regularly occurring dues, fees or debt service.
CountyPropertyTaxProperty tax levied by the county in which the subject property is located.
DistrictPropertyTaxProperty tax levied by the district in which the subject property is located.
EarthquakeInsurancePremiumFee payable to insurer to provide property insurance against loss from earthquake, land tremors, landslide, mudflow, or other earth movement whether the damage is caused by an earthquake.
FloodInsurancePremiumFee paid for flood insurance coverage on the subject property and may include coverage for contents.
GroundRentA sum paid for land lease by the owner of a building to the owner of the land on which it is located.
HailInsurancePremiumCost of coverage for hail damage insurance, which typically covers the cost of rebuilding the subject property if losses are caused by hail storms.
HazardInsurancePremiumFee paid for coverage on the subject property for losses or damage due to fire or other named perils.
HomeownersAssociationDuesFee payable to homeowners or neighborhood association within which the subject property is located, which is intended to pay electricity bills for street lights, landscaping, and maintenance and repairs to community facilities like clubhouses, pools, and exercise rooms and may also cover insurance on community assets, the salaries of HOA employees or third party management fees.
HomeownersAssociationSpecialAssessmentFee payable to homeowners or neighborhood association in which the subject property is located for capital improvements, utility service upgrades, etc., that are assessed in addition to the regularly occurring association dues.
HomeownersInsurancePremiumPeriodic amount paid for coverage against hazards, theft and other losses on the insured subject property and sometimes insured contents of personal property, and other improvements (fences, porches, patios, driveways, landscaping, accessory buildings, in ground pools, etc.) May or may not include riders to insure against losses caused by windstorms, hurricanes, etc.
InterestOnLoanAssumption
MortgageInsurancePremiumFee for Insurance or guaranty to protect lender against the non-payment of, or default on, an individual mortgage.
Other
PastDuePropertyTaxAmount of real estate taxes on the subject property that are past due as of the closing date.
RentFromSubjectPropertyPeriodic amount paid by a tenant for occupancy of a property.
SellersReserveAccountAssumptionA reserve account funded by the property seller that is being assumed by the borrower.
StatePropertyTaxProperty tax levied by the state in which the subject property is located.
TownPropertyTaxProperty tax levied by the town in which the subject property is located.
UtilitiesCost of services to provide power, heat, water, waste removal and/or sewer to the subject property.
VolcanoInsurancePremiumPeriodic amount paid for coverage against losses on the insured subject property and sometimes insured contents of personal property, and other improvements (fences, porches, patios, driveways, landscaping, accessory buildings, in ground pools, etc.) associated with volcano eruptions near the subject property.
WindAndStormInsurancePremiumPeriodic amount paid for coverage against losses on the insured subject property and sometimes insured contents of personal property, and other improvements (fences, porches, patios, driveways, landscaping, accessory buildings, in ground pools, etc.) associated with windstorms, tornadoes and hurricanes affecting the subject property.