Deposit Receipt and Agreement
What are the details that go into a deposit receipt and agreement
A deposit receipt and agreement is a legally binding agreement between the seller and purchaser. In which the purchaser gives the seller an initial deposit and this is held till the agreement is executed. Then it is deposited in escrow. This is done within 3 business days from the start date of the contract and this is done as a deposit which is made for property which has been purchased.
As per the Deposit Receipt and Agreement the purchase price is paid in parts, as initial deposit, increased deposit, cash down payment balance, new as well as existing financing and seller financing.
The document lists the details like the feasibility period of 30 days from the date of the contract where the purchaser can determine the income as well as developmental potential of the income, the position of the market and the other economic aspects. The purchaser can then inspect the property and the elevators as well as HVAC and the documents as well as books and the title.
Incase the purchaser is a defaulter in any terms as per the agreement the seller can use the initial deposit as liquidated damages.
The Deposit Receipt and Agreement details mentions the details in case of damage, maintenance of the property, flood control, toxic contamination and all other finer points.
Incase there are brokers the details, the rights, responsibilities of the broker as well as their representatives are also mentioned in the document. Finally the document is signed and dated by the purchaser, seller and broker if any.
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