Advance payments of expenses such as insurance and taxes, often into an escrow account.
Example: At the closing of a residence they bought, the Pollards made prepayments equal to 14 months of hazard insurance and 6 months of property taxes.
| Real Estate Dictionary: Prepayments |
Advance payments of expenses such as insurance and taxes, often into an escrow account.
Example: At the closing of a residence they bought, the Pollards made prepayments equal to 14 months of hazard insurance and 6 months of property taxes.
| 5min Related Video: Prepayments |
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