Real Estate Deposit Receipt

Real Estate Deposit Receipt Template for Philippines

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Key Requirements PROMPT example:

"I need a Real Estate Deposit Receipt for a ₱500,000 deposit on a residential condominium unit in Makati City, with the deposit to be held in escrow until January 15, 2025, and including provisions for property inspection and financing contingency."

Document background

The Real Estate Deposit Receipt is a crucial document in Philippine property transactions that serves as an interim agreement between parties during the property purchase process. It is typically used when a prospective buyer provides a deposit to secure their intention to purchase a property, but before the execution of the final deed of sale. This document, compliant with Philippine real estate laws and regulations, includes critical information such as the parties' details, property description, deposit amount, purchase price, and conditions for deposit handling. The receipt protects both parties' interests by clearly documenting the deposit transaction and setting out the terms for its application towards the purchase price or its potential refund. It must comply with various Philippine laws including the Civil Code, the Maceda Law, and relevant real estate regulations.

Suggested Sections

1. Parties: Identification of the Seller/Property Owner and the Prospective Buyer with complete legal names and addresses

2. Background: Brief context of the transaction, including the intent to purchase/sell the subject property

3. Definitions: Key terms used in the document including 'Deposit', 'Property', 'Purchase Price', and 'Closing Date'

4. Property Details: Complete description of the property including address, boundaries, and title/certificate details

5. Deposit Amount: Specification of the deposit amount, payment method, and date received

6. Purpose of Deposit: Clear statement that the deposit is for the intended purchase of the specified property

7. Purchase Price: Total agreed purchase price and how the deposit will be applied to it

8. Terms and Conditions: Conditions for deposit retention, refund, or forfeiture

9. Duration: Validity period of the deposit receipt and timeline for completing the full transaction

10. Acknowledgment: Formal acknowledgment of deposit receipt and agreement to terms

11. Execution: Signature blocks for all parties and witnesses

Optional Sections

1. Additional Conditions Precedent: Used when there are specific conditions that must be met before proceeding with the full purchase (e.g., property inspection, title verification)

2. Tax Provisions: Include when there's a need to specify responsibility for various transaction taxes

3. Broker Details: Required when a licensed real estate broker is involved in the transaction

4. Foreign Ownership Declaration: Necessary when the buyer is a foreign national, addressing Philippine foreign ownership restrictions

5. Property Inspection Acknowledgment: Include when the buyer has already inspected the property prior to deposit

6. Financing Contingency: Used when the full purchase is contingent on the buyer securing financing

Suggested Schedules

1. Schedule A - Property Description: Detailed technical description of the property including lot area, boundaries, and improvements

2. Schedule B - Payment Details: Breakdown of the deposit payment method and banking details if applicable

3. Schedule C - Property Documents: List of property-related documents provided or to be provided (title, tax declarations, etc.)

4. Appendix 1 - Proof of Payment: Copy of check, bank transfer receipt, or other proof of deposit payment

5. Appendix 2 - Property Photos: Current photographs of the property (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

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Real Estate

Property Development

Construction

Financial Services

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Banking

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Real Estate Operations

Sales

Compliance

Property Management

Business Development

Documentation

Finance

Risk Management

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Relevant Roles

Real Estate Agent

Property Manager

Real Estate Broker

Legal Counsel

Property Developer

Sales Manager

Property Consultant

Compliance Officer

Real Estate Attorney

Transaction Coordinator

Business Development Manager

Investment Advisor

Property Administrator

Real Estate Operations Manager

Documentation Specialist

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