Broker’s receipt

Broker’s Receipt

A broker’s receipt is a kind of legal receipt that is filled by the seller of a property and given to the purchaser when he finally buys the property by payment to the seller. A broker’s receipt is one of the most important documents, as it is the only record to show that the seller has sold the land to the purchaser for a given amount. This receipt also has the record of the seller stating that, the property under the desired state or county thus belong to the purchaser. Both the purchaser and the seller need to have a copy of this receipt. This receipt also holds the dues that have to be paid to the seller before and after the purchaser occupies the property.

It is really very important for the purchaser to receive a broker’s receipt as it holds a key gateway document on further enrollment on that property. This document also holds the dates and other details which predicts the payment to the seller. Adding to that, if the broker of that particular property proceeds to give the purchaser the broker’s receipt to the same property that the deal was going on, then it is assumed that the property is currently sold to the purchaser for the given amount that was settled on the dates enclosed on the receipt. If the purchaser needs to make any further steps of selling the property again, then he/she needs to submit this receipt to the broker without fail for a formality record.

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Broker’s receipt.

Received of _________ and _________, husband and wife, the sum of $_____ in the form of cash [check or note] as earnest money and part payment for the following described real property situated in the County of _________, State of _________, more particularly described as follows: _________, which we have this day sold to them, or their heirs and assigns, for the sum of $_____. The balance of the purchase price is to be paid as follows: _________.
Seller agrees to furnish and deliver to purchaser as soon as reasonably procurable a purchaser’s policy of title insurance, and seller authorizes agent to apply at once for such policy or report showing condition of title.
If title is not insurable and cannot be made insurable within _________ days from date of title report, earnest money shall be refunded and all rights of purchaser terminated, except that purchaser may waive defects and elect to purchase. But if the title is insurable and purchaser neglects or refuses to complete purchase, the earnest money may at seller’s option be retained by seller [forfeited] as liquidated damages.
The property is to be conveyed by a _________[e.g., warranty, or contract for] deed, free of incumbrances, except _________. Incumbrances to be discharged by seller may be paid out of purchase money at date of closing.
Taxes for the current year, rents, insurance, interest, mortgage reserves, water and other utilities constituting liens shall be prorated as of date of closing.
Possession to be given upon _________[e.g., closing].
Time is of the essence of this agreement.
By _________
_________, Agent
_________
_________, Purchasers
We accept and approve this agreement of sale this _________[date] and agree to pay a commission of _____% on the amount of this sale, to the above agent for services rendered. In the event the earnest money is forfeited, it shall be apportioned to seller and agent equally, provided that the amount to agent shall not exceed the agreed commission.
_________, Seller