In the case of rental buildings, the seller collects or must collect the rents on the first of the month. At the time of sale, the seller will have to remit to the purchaser the sums collected or to be collected at the beginning of the month. "Collected or to be collected" because the seller will also owe to the purchaser unpaid rents on the first of the month. It is not the responsibility of the purchaser to dash into a hunt of the absent-minded tenants or bad payers.
The seller will also have to remit to the purchaser rents paid in advance within the framework of the calculation of adjustments.
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