Broker’s receipt
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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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