The division of expenses and income between a buyer and seller at closing is known as ...?

Prorating

Explanation:

Prorating refers to the amount that the seller is usually liable to pay the buyer as for the period of closing the deal to the date it is actually closed.

Basically any amount of rent that is earned by the seller on the property which is meant to be sold and that the buyer expected to settle the deal, on a date previous to the actual date on which the deal is done, then the amount of rent for such period is called prorated.

That is the closing amount of expenses or income in between the seller and the buyer, in a real estate transaction.