Illinois Receipt for Payment Made on Real Estate Promissory Note

• Category: Real Estate - Mortgages and Deeds of Trust
• State: Multi-State
• Control #: US-01661BG
• Format: Word; Rich Text

Description

This form is a generic sample of a receipt for an installment payment for an owner financed real estate sale/purchase.

An Illinois Receipt for Payment Made on Real Estate Promissory Note is a legal document that provides a detailed record of a payment received by a lender or seller from a borrower or buyer in relation to a real estate promissory note. This receipt serves as proof that the payment has been made, and it outlines key information regarding the transaction. The receipt typically includes various relevant keywords such as: 1. Real estate: This term refers to property consisting of land and any improvements on it, such as buildings, structures, or natural resources. 2. Promissory note: This is a written agreement or contract between a borrower and a lender, where the borrower promises to repay a loan according to specified terms, including payment amounts and due dates. 3. Payment: Describes the act of giving money or a valuable asset in exchange for goods, services, or in this case, to fulfill an obligation under a promissory note. 4. Receipt: A written acknowledgment that a payment has been made, providing vital information about the transaction, such as the date, amount, parties involved, and a reference to the underlying promissory note. 5. Illinois: Refers to the state where the receipt is issued, indicating that it adheres to the specific laws and regulations governing real estate transactions within Illinois. It's important to note that while there may not be different types of Illinois Receipts for Payment Made on Real Estate Promissory Note in terms of variations in their structure or format, their content may vary depending on the specific details of the transaction, such as the payment amount, date, parties' names, and property involved. Overall, an Illinois Receipt for Payment Made on Real Estate Promissory Note is a crucial document that evidences the fulfillment of payment obligations in a real estate transaction. It protects both the borrower and the lender by providing a clear record of the payment made, ensuring transparency and reducing potential disputes in the future.