An official document that can act as both the receipt for a buyer’s deposit and the purchase agreement
Some states use a deposit receipt to outline a buyer’s offer on a home, including the description of the property and how it will be financed, and how the deposit money is handled in the event the deal breaks down. If the seller accepts the offer and signs the document, the deposit receipt becomes the legal purchase agreement for the deal.
The deposit receipt is also called a sales contract.
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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