Banker’s Year
Barron's Real Estate Dictionary:
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Banker’s Year
Convention that standardizes the length of a month at 30 days and of a year at 360 days.
Example: Under the banker’s year, expenses due at the end of the year were prorated based on a 360-day year. For a transaction that occurred on the 120th day of the year, the seller was responsible for one-third of the bill.
Example: Under the banker’s year, expenses due at the end of the year were prorated based on a 360-day year. For a transaction that occurred on the 120th day of the year, the seller was responsible for one-third of the bill.
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Barron's Real Estate Dictionary
Dictionary of Real Estate Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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