This form is a generic sample of a receipt for an installment payment for an owner financed real estate sale/purchase.
An Arizona Receipt for Payment Made on Real Estate Promissory Note is a legal document that serves as proof of payment received by a lender from a borrower in relation to a real estate promissory note. This receipt helps both parties keep track of their financial transactions and ensures transparency. The key elements and information that should be included in an Arizona Receipt for Payment Made on Real Estate Promissory Note are: 1. Date: The date on which the payment is received. 2. Lender's Information: The full name, address, and contact details of the lender. 3. Borrower's Information: The full name, address, and contact details of the borrower. 4. Promissory Note Details: Mention the specific promissory note for which the payment is being made, including the loan amount, interest rate, and payment terms. 5. Payment Amount: The exact amount of payment received from the borrower, both in numeric and written form. 6. Mode of Payment: Specify the method used for payment, such as cash, check, bank transfer, or any other means. 7. Receipt Number: Assign a unique identification number to the receipt for future reference and easy tracking. 8. Purpose of Payment: State that the payment is made towards the real estate promissory note. 9. Signature: The signature of the lender or authorized representative acknowledging the receipt of payment. 10. Witness: If necessary, include a section for a witness's signature to further authenticate the receipt. Different types of Arizona Receipts for Payment Made on Real Estate Promissory Note may vary depending on any additional terms or clauses included. These might include provisions for early repayment penalties, loan default consequences, or any agreed-upon modifications to the original note. It is essential to carefully review the document before signing to ensure both parties are in agreement.
