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  Prepaid Expense Items Definition
Prepaid Expense Items At the time of the closing of the sale of a house or property, certain expenses and fees will need to be paid to cover the future cost of items like property taxes, mortgage insurance and hazard insurance. These items are referred to as prepaid expense items. The money to pay for these items will generally go into an escrow account and the escrow agent will pay the recurring costs out of this account as they become due.

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