How are income and expenses split on a commercial closing?
Say I buy on November 29th, am I entitled to income from rents due on December 1st?

What if I close on December 5th? 

Are there any annual expenses (property tax) that need to be prorated b/t buyer and seller?
[{"id": "hjttp6j", "text": "Usually this is pre-negotiated explicitly. If it wasn't it would be prorated like other pre-paid costs, like property taxes.", "replies": [], "depth": 1}, {"id": "hju1ioc", "text": "Credits for rent and RE taxes are usually prorated on a per-diem basis. In IL they\u2019re usually paid by the seller.", "replies": [], "depth": 1}, {"id": "hju37d8", "text": "Typically the Agreement of Purchase and Sale will lay this out. Standard language is that up to the day of closing the Seller is responsible for all costs and entitled to all revenues and on closing this all changes over.\n\nAn example on how this works with property tax: Depending on if seller has prepaid taxes for the year, you will pay back their proportionate share (ex: property tax  in amount of $120 paid for last 90 days of the year, you own it for 30 of those days and the seller 60, you pay back the seller what they paid for the 30 days)", "replies": [], "depth": 1}, {"id": "hju6mr4", "text": "Short answer; yes. \n\nLong answer; read your PSA. Lots of provisions if tenant pays early, pays late, AR recovery collections etc. \n\nPrepaid expenses should all be prorated. Honestly these should be explained by your attorney \ud83d\udc4d", "replies": [], "depth": 1}, {"id": "hju8kv5", "text": "its all negotiable though areas tend to have customs as in everything else.  Your brokers and attorneys should understand this and it should be a part of how you handle all other deal terms.  No one just shows up to closing wondering how this will happen, the psa states it.\n\nGenerally though, at least in my market, if you buy on the 29th you'd get rents prorated until then for nov, dec is on you.  The past due rents would either be sold to the buyer or seller would attempt to still collect (without owning the property that gets a bit harder obviously).  Property tax, possibly maint contracts, and tons of other stuff can get prorated.  In the LOI and PSA the seller typically is asked to disclose any contracts that survive closing, this is so these types of issues can be handled.", "replies": [], "depth": 1}]