Deposit Receipt Instructions

A deposit is normally given to a seller to show that you’re serious about buying the property, even though it’s not required by law. It’s a good idea to put down as little as possible. If the deal works out, your deposit is then applied to your total costs to purchase the property. If the deal goes sour and you’re at fault, you can lose your deposit. The deposit is also called earnest money.

Some states use a deposit receipt to outline a buyer’s offer on personal property, including the description of the property and how it will be financed, and how the deposit money is handled in the event the deal breaks down. If the seller accepts the offer and signs the document, the deposit receipt becomes the legal purchase agreement for the deal. The deposit receipt is also called a sales contract.

The following instructions are for the use of the deposit receipt form.

1. Be sure that you check with your bank before accepting a deposit from a buyer if you have an outstanding loan on your vehicle. The buyer may need to qualify with the bank before you should accept the deposit. However if you accept a deposit it should be held ( based on the terms) till you and the buyer finalize the transaction.

2. Be sure that you make the terms very clear to the buyer with respect to any returns of the deposit or the application of the deposit to the purchase price. Many disputes arise from deposits and misunderstandings about their use.

Deposit Receipt

Received from Buyer :___________________________________________

Street Address:________________________________

City:______________________________

State/Province:____________________

 Zip:____________________

Buyers Phone:__________________________ 

Email:_____________________________

On (date) __________ _____, 200__  
Buyer deposits $______________________ ( Cash )  (Check) deposit (receipt subject to complete honoring of 
Check # _________ by bank _______________________________on which drawn) 
of a total price of $__________________________ for the following item:

Item:_______________________________________________________
Make:___________________________________
Model:__________________________________
Year: _____________
Vehicle ID Number (VIN) ______________________________
Description:________________________________________________________________________________________________

___________________________________________________________________________________________________________

The balance of the above total price is to be paid in full and the enclosed Buy-Sell Agreement signed by the buyer and returned to the seller before delivery to the new owner. Delivery of the above item to the new owner is guaranteed or full refund of the above deposit will be made by seller. Any loss incurred during shipment will be the responsibility of the carrier and the new owner. I further guarantee the condition of the item as specified in the Buy-Sell Agreement. Completed Buy-Sell Agreement will be delivered at the completion of the sale.

Special considerations:

 ____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

____________________________________________________________________________________________________________

Buyer Signature: ________________________________________

Date:_________________ ________, 200____

Name:___________________________________________

Seller Information

Seller: _________________________________________________

Street Address:______________________________________

Town:_________________________________

State/Province:_______________________________

Zip  Code: _________________________

Sellers Phone:________________________________
 
Email:__________________________________________

Seller Signature: ________________________________________________

Date:_____________________ _______, 200___

Name:___________________________________________






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