This form is a generic sample of a receipt for an installment payment for an owner financed real estate sale/purchase.
A New Mexico Receipt for Payment Made on Real Estate Promissory Note is a legal document that acknowledges the receipt of payment made towards a promissory note related to real estate transactions. This receipt serves as proof that the payment has been received by the creditor or lender. It is an essential document in real estate transactions, providing both parties involved with a record of payment. This receipt includes important information such as the date of payment, the amount paid, the name and contact details of the payer and payee, and details of the promissory note, including the principal amount, interest rate, and terms of repayment. It also typically includes a reference to the property or properties associated with the promissory note. In New Mexico, there are several types of receipts for payment made on real estate promissory notes, each designed to cater to different needs and situations: 1. New Mexico Receipt for Partial Payment on Real Estate Promissory Note: This receipt is used when the payer makes a partial payment towards the promissory note. It acknowledges the part payment made, reduces the outstanding balance, and provides an updated payment record. 2. New Mexico Receipt for Full Payment on Real Estate Promissory Note: This receipt is used when the payer completes the full payment towards the promissory note. It confirms that the entire outstanding balance has been paid, thereby releasing any claims or liens associated with the note. 3. New Mexico Receipt for Lump-Sum Payment on Real Estate Promissory Note: This receipt is used when the payer decides to make a one-time lump-sum payment towards the promissory note. It records the payment and details any necessary adjustments to the interest or principal amount. 4. New Mexico Receipt for Regular Installment Payment on Real Estate Promissory Note: This receipt is used when the payer agrees to make regular installment payments towards the promissory note. It acknowledges the specific installment paid, provides a record of future payment arrangements, and helps track the outstanding balance. It is crucial for both the payer and payee to retain copies of these receipts for their records and to ensure accurate record-keeping of the promissory note payments.
