A deposit receipt is a written document that serves as a proof that a specific entity has paid the product or services acquired. The form of payment is through a deposit into an account. In real estate, a constructive receipt is very vital since a real estate business is held liable of income, thus deposit receipts in real estate is very important to be able to keep record of the buyers’s receipt.
A business receipt similar to deposit receipt in real estate is also know as “purchase contract” in the olden days. Today, a deposit receipt is already referred as a “show receipt” serving the proof of an earnest money deposit.
184+ Real Estate Templates in PDF, Word, Excel, PSD, HTML5, WordPress, Google Docs, PowerPoint, InDesign, Apple Pages, Google Sheets, Publisher, Apple Numbers, Illustrator, Apple Keynote, Google Slides - START DOWNLOADING
Real Estate Deposit Receipt
The elements of a deposit receipt in real estate are very important to be learned because they are the most essential parts in the process of showing a proof that a product or service rendered. Observing receipt formats is a wise of knowing the elements and they contain the following:
- Name of the company
- Address of the company
- Name of the title company bank
- Bank account number of the title company
- Escrow number
- Receipt number
- Address of the property
- Deposit date
- Name of the recipient of the receipt
- Amount deposited
- Name of payer
- Alternative copy of the original check
Some deposit receipts includes the purchase and sales agreement in it and mostly has the following elements:
- a beginning paragraph stating the date, name and address of the buyer and seller
- followed by name, address and other basic information of the witness
- the selling price
- the deed stating the marketable value that should be conveyed
- transfer of title section having the date, place agreed mutually.
- a clause stating the possession and occupancy of premises
- agency, including the acknowledged names and roles of the agents
- Insurance of the buildings on the mentioned premises stating that it is insured against fire
- title, taxes, names of property included
- diligence, liquidated damages
- prior statements and financing
- effective date
Guidelines to prepare real estate deposit receipt?
There are significant things to take note in the preparation of real estate deposit receipts. Closely being similar with car receipt templates, which this article offers a variety of free receipt templates, there are details that are common in both, although real estate deposit receipts contain details which are not present in the latter. In making a real estate deposit receipt, it is important to enter all details which the client will be entering his or her information for purposes of legitimacy and good business. Personal information necessary for real estate receipts should be added in the template, and also personal information of the person who has conducted the services of the company. Once all information have been added in the receipt, double check along with the client the receipt to make sure that all the details written in it are correct. An error in writing the date or even misspelling a name or other information will nullify the receipt’s purpose should there be any disputes raised. It is highly suggested to have two real estate templates per project containing two exactly similar information to also prevent fraudulent activities. It is always better to be safe should there be an occurrence as such.