Deposit Receipt Template
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A deposit receipt is issued immediately after successful payment of a deposit made on an item or property. It should include the terms under which the money is held. In most cases, a deposit is paid as a down payment or advance on a sale or rental.
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What is a Deposit?
A deposit is a payment made to secure an item for sale or rent.
- When Renting – To secure the condition of what is being leased.
- When Purchasing – To reserve and guarantee no one else will be able to buy.
Is a Deposit Refundable?
It depends on the terms of the deposit. If the deposit acts as security for a rented item, the money is commonly refundable if it’s returned in the same condition. When a deposit is used as a downpayment, it will usuaully be non-refundable if the buyer doesn’t complete the purchase.
Examples (2)
- Landlord/Tenant – A security deposit in a lease agreement is refundable at the end of the lease (pending there is no damage found on the premise).
- Purchase (downpayment) – A downpayment is usually non-refundable but is applicable towards the purchase price.
When is a Deposit Paid?
A deposit should only be paid after an agreement has been signed by all parties.
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