A piece of paper that can help in confirming that the seller received money from the purchaser is known as a receipt. This typically includes the date and the description of the item that the purchaser bought and may also include a description of the item that the buyer purchased. In case you are showing your intent of buying an asset that is in high in value, paying earnest money deposit is a usual practice. Paying a token amount is a standard practice that is followed in real estate transactions.
What is Earnest Money Deposit Receipt?
The amount that a buyer pays to show that his interest in said property is known as earnest money deposit and this money is often paid once a verbal acceptance upon an offer that has been made. This Earnest Money deposit is also known as a binder, good-faith deposit or token money. A particular buyer can pay one percent of the total value of the property as a token. The buyer and the seller are both under obligation to carry forward the verbal agreement after the token money is paid. It is generally given to a buyer of a real estate after the parties involved enter into a purchase agreement with a seller and this deposit slip is given to the buyer after receiving the funds which bind the parties into the agreement. In case the buyer does not follow through on purchasing that particular property then it will be returned to the seller and the buyer can sue the seller for a specific performance like attempting to void the agreement.
Tips to Draft an Earnest Money Deposit Receipt
- Look for a template to issue a receipt for the earnest money deposit as there are many templates that available online that can be used instantly after download. You can check one of our templates only to start with a professional earnest money deposit receipt. Make sure you view the document that may in different formats like PDF, MS Doc, etc. And after choosing the right template for you, you can download it for your purpose.
- Make sure you identify the purpose of the paperwork, you would not want a document without any motive. So your primary goal of issuing the document has to be to verify the receipt of earnest money that shall be held by a third party. Mention the date when the earnest money was received by the agent who acts as the earnest money holder at the beginning of the form. Record the full name of the individual who has received the earnest money in front of the term “The Earnest Money Holder”.
- Mention the amount that has been submitted to the Earnest Money Holder who is issuing the receipt. Also, provide the method through which this money was received and a brief list of checkboxes should be given to deliver this information.
- One of the important section is recording details of the property and the parties that are concerned with the earned money deposit. It must contain the physical address of the property this earnest money has been submitted to hold, date of the purchase agreement concerning the property and the basic personal information of the buyer and the seller.
- The last section of the document must consist of the important signatures that will help in executing the receipt. The earnest money holder has to make the signature on the document after it has been completed.`
3+ Earnest Money Deposit Receipt Sample Forms in PDF | MS Word
1. Earnest Money Deposit Receipt
This particular document consists of an earnest money deposit receipt that deals with a confirmation of receipt of the earnest money that has been deposited by the buyer to the seller. It starts with the basic details of the buyer’s name, buyer’s agent, buyer’s brokerage along with the seller’s information that will include the name of the seller, the seller’s agent and also the seller’s brokerage. It also consists of the name of the property and the address followed by a confirmation of receipt of earnest money.
2. Sample Earnest Money Deposit Receipt
This particular template consists of a sample earnest money deposit receipt form that lays out a comprehensive earnest money deposit receipt that will contain a bank guarantee stating the name of the bank and the address of the issuing branch or office. Earnest money deposit receipt is nothing but the amount that a buyer gives to the seller to show his desire to complete a deal. It consists of the name of the consultant that has submitted its bid and the name of the bank along with the amount that has to be paid. It is a document that will state the guarantee along with some conditions that will force this guarantee to get expired.
3. Real Estate Earnest Money Deposit Receipt
The given template lays out an escrow agreement including a well-written real estate earnest money deposit receipt. This receipt is one of the most important documents or a useful instrument that is submitted by the bidder along with the other documents. The format depends upon the purchaser’s preference through which the EMD can be submitted. The given document provides the required recitals that are followed by several terms and conditions that have to be agreed by parties involved in the agreement. It then states the basic details of the seller and the buyer along with details of the insurance company at the end.
4. Simple Earnest Money Receipt
If you do not have Sample time to draft a detailed and lengthy document stating an earnest money deposit receipt, then this template can serve your purpose. This document will provide you with a simple earnest money deposit receipt that contains limited information like the date and the statement showing that the deposit is being made, along with the name of the buyer and the seller. You can either download it or print it depending on your convenience as it is a printable receipt form as well. Mention the date of the contract as well and a photocopy of the check.
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