This form is a generic sample of a receipt for an installment payment for an owner financed real estate sale/purchase.
District of Columbia Receipt for Payment Made on Real Estate Promissory Note is a legal document used to acknowledge the receipt of payment made towards a real estate promissory note in the District of Columbia area. This receipt serves as evidence that the borrower has fulfilled their payment obligation and helps maintain a record of financial transactions between the parties involved. Key Features of a District of Columbia Receipt for Payment Made on Real Estate Promissory Note include: 1. Date and Parties: The receipt should clearly state the date on which the payment was made along with the names and contact information of the payee (lender) and the payer (borrower). 2. Payment Details: The receipt should outline the payment amount, including the principal amount, any interest accrued, and any other charges if applicable. It's important to ensure that the payment details align with the terms stated in the original promissory note. 3. Promissory Note Information: The receipt should reference the relevant promissory note, including the date of execution and the original principal amount. This helps establish a connection between the receipt and the underlying agreement. 4. Method of Payment: The receipt should specify the mode of payment used, such as cash, check, electronic transfer, or any other agreed-upon method. If payment is made by check, the check number should be recorded for future reference. 5. Signatures: Both the payee and payer should sign the receipt, indicating their consent and acknowledgment of the payment made. This ensures the authenticity and legality of the document. Different types of District of Columbia Receipts for Payment Made on Real Estate Promissory Note may include: 1. Full Payment Receipt: A receipt issued when the borrower has fully repaid the promissory note amount, including principal and interest, if applicable. 2. Partial Payment Receipt: This receipt is used when the borrower makes a partial payment towards the promissory note, acknowledging the amount received and reducing the outstanding balance accordingly. 3. Late Payment Receipt: If the borrower fails to pay on the agreed-upon due date, a late payment receipt is issued to acknowledge the payment made after the grace period. This receipt might also include any late fees or penalties incurred. 4. Prepayment Receipt: In case the borrower decides to make an early repayment, a prepayment receipt is issued to acknowledge the payment made. This receipt may also indicate any prepayment penalties waived or applicable. Overall, a District of Columbia Receipt for Payment Made on Real Estate Promissory Note serves as essential documentation in real estate transactions, ensuring transparency, accountability, and legal compliance between parties involved.
