35+ SAMPLE Real Estate Receipts in PDF

Real Estate Receipts: What Are They?

Real estate receipts refer to a written, printed, or electronic document provided by property businesses when something with value has been received such as cash, real property, or even other documents. It can be a rent receipt, landlord receipt, or tenant receipt. Furthermore, it is common when a purchaser pays a seller and they must always get a receipt. For example, when a buyer of a certain real estate pays for the deposit fee, they will receive a receipt from the seller.

On the other hand, real estate receipts are not only applicable with transactions involving money. In fact, businesses that offer services related to real estate must issue a business receipt when they receive essential documents as well as collect receipts when they send out requirements to acknowledge those documents, such as title, contract, and deed, have been received.

Based on the latest statistics from the National Association of Realtors, 5.34 million existing homes and 682,000 newly constructed homes were sold in 2019.

What Should You Include in Your Real Estate Receipt?

In creating receipts, you should follow the canon of standard business practices, as with writing invoices alike. Truth be told, issuing a sale receipt can be a lot easier with the correct template than issuing an invoice. But the question is, what needs to be considered when creating a real estate receipt and why do they have to be created in the first place? In the list below, we will explain how to correctly issue a receipt and which obligatory details one should not forget. Let us take a look.

Company Details: To be as organized as possible with maintaining your business records, make sure to keep a copy of each receipt you issued to the client in all transactions. The challenge is what to keep and not to keep payment receipts. Start by ransacking the receipts coming from your business. Because of that, it is important that you include company details when you make your own receipt. This includes name, address, telephone number, and email address.Date of Transaction: According to the Internal Revenue Service (IRS), you can keep cash receipts for a maximum of three years. Until then it is still valid. So, when collecting old receipts, ensure they are qualified for the required period. You can dispose of receipts issued more than three years ago or keep them intact for future references. Hence, indicate the date the transaction took place in your real estate receipt. It is not only conventional at your end but also to the clients. The date helps them track the validity of each receipt you provided.List of Products/Services: One of the most important parts of a receipt form is the list of products and/services. This indicates what is provided to the clients. Also, the list helps them recognize what they paid for. For a service provider, having a list is necessary because it tallies what should be paid by the client. If your receipt does not contain this list, calculating the total amount could be tricky. Therefore, make sure you do not skip this part.Total Amount: This part of the receipt can only be done right if the list of products and services is outlined carefully with a brief description of each along with the quantity. But before you get to the total amount, it is best to indicate the amount per item. This is the cost of each product or service in the list. With this, it is easier to add up the total amount. Keep in mind that money is a contentious matter and most disagreements arise when a service receipt is inaccurate. Your receipt should get the numbers right. Otherwise, you have to invalidate it and repeat the process to come up with a receipt that reflects the total amount.Method of Payment: There are several ways clients can pay you. Either through cash, cheque, debit, or credit card. No matter what the payment method is, ensure you have the right receipt for each of them. In most businesses, receipts for cash payments are not applicable for payments made through cheques. Take note of that and take time to create variations of your real estate receipts. This will also save you time since you do not need to make the receipts on the spot when it is ready to use. Applicable Tax: These days, issues about tax should be transparent and talked about. We have witnessed various controversies regarding tax evasions and other tax crimes. As a business, you should be responsible for paying taxes and do not turn your back behind. This is also one major role of receipts so that anyone can use them not only for accounting but also for tax purposes. With that said, indicate applicable tax, especially value-added tax (VAT) in the real estate receipt. By doing this, you can prevent IRS from pursuing you because of tax crimes.Return Policy: Some businesses have a return policy. And it is up to you if you would apply that to your business. Return policies are common in retail businesses, which means service-oriented companies are more likely not to rely on this. But what is a return policy? It is a set of rules a retailer creates to manage how customers return and exchange unwanted merchandise they purchase on purpose or not. Usually, this policy tells customers what are items they can return and for what reasons, and the timeframe over which returns are accepted. If this is applicable to your real estate property business, might as well include a return policy in your receipt.

How to Make Real Estate Receipts Using a Template

Now that have you an idea of what to include if you are to make a real estate receipt, the next best thing to do is to put what you learned into real-life application. Indeed, there are so many ways to produce a receipt. However, out with old and in with the new and forget about doing your business receipt from scratch. Because the internet offers a variety of ways to get things, leverage from this and start looking for a reliable template source. But do not sweat it out because you have come to the right place. Check out our collection of ready-made receipt templates above and select the best one for you. For more templates, visit our website now and get the chance to enjoy exclusive perks if you sign up for any of our subscription plans. To make your receipt-making task, we listed some tips and tricks below.

Step 1: Send Payment Notification

Do not expect clients to automatically pay for an amount they do not know from where and how it came to be. Although sending a notification is not needed when a purchase happens on the same day as the payment. Mostly, invoices or billing statement comes before anyone can make payment. As much as you want to take time making a real estate receipt, do this too in sending out payment notifications. When a client receives this notification, it will remind them of their dues.

Step 2: Start Collecting Payment

After you have sent the bill or invoice template, make a follow-up notification indicating that you will be collecting the payment at the agreed-upon date if there is any. Or you can provide the deadline in the invoice/bill. Either way is effective. Note how the client is going to pay their dues, whether in cash, cheque, or bank transfer. Knowing this helps you choose what receipt to use. Remember that each payment method should have different receipts to avoid complexity in the transaction.

Step 3: Choose a Template

At this point, you have almost everything you need to kick off the receipt-making task. The one last thing you lack is a template. If you are not convinced with the idea, you can start from scratch. But using a template can save you time. What else is better than that? We offer various printable templates, from business proposals down to marketing plans, that you can easily use. Just click the download button and it will be stored on your device. Then, modify your template based on needs and align this to your expectations too. Having a hard time? Refer to our list of what you should include in your receipt.

Step 4: Sign the Real Estate Receipt

Signing the real estate receipt only applies to the person providing it. If you are one, make sure to affix your signature together with your complete name. Doing this means you understand what is written in the document and everything in it is based on facts. Additionally, signing and indicating the receipt number make the receipt valid. This is a very important step to take because sometimes a receipt is needed in case of a legal dispute. Without a signature and the receipt number, any issued receipt is considered invalid. The last thing you would want is to waste your effort because of an ineffective receipt.

FAQs

What is a deposit receipt?

A deposit receipt is usually prepared by a title company, escrow company, or real estate brokerage. When a client pays an earnest money deposit, these entities will hand over a deposit receipt to them. The trend today is for a company or real estate agent to issue the deposit receipt.

What are the different types of receipts?

  • Hotel receipt
  • Restaurant receipt
  • Monthly rent receipt
  • Donation receipt
  • Delivery receipt
  • Service receipt
  • Vehicle receipt
  • Grocery receipt

When to issue sales receipt?

Unlike an invoice, which is issued before payment and states what the customer potentially owes, a sales receipt can be issued anytime after payment has been received from the customer.

The real estate industry is not the only market that relies on the benefits of receipts. Many other industries, if not all, use receipt forms when payment is involved. Because of that, receipts have become an essential tool that plays a vital role in every business success and also in making sure you are on track with your finances.