In the old days, like back when Sonny and Cher wailed I Got You Babe, a deposit receipt was slang for a purchase contract. It consisted of one page, and contained a sales price, initial deposit, balance of down payment and / or loan amount. It was called a deposit receipt because it constituted the buyer's receipt for an earnest money deposit.
Fast-forward to today, and a deposit receipt is the form used to show receipt of an earnest money deposit. Buyers typically make an earnest money deposit in an offer to buy a home. The earnest money is payable to a title company, escrow company or real estate brokerage. One of those entities then issues a receipt for the deposit, which proves that the buyer actually handed over the earnest money deposit.
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Also Known As: receipt for deposit
Common Misspellings: deposit recipt
Even Cher got a deposit receipt when she bought land to build a home on the Big Island of Hawaii. She bought the land for $2.9 million and built an impressive Balinese-style home, which she later sold for almost $9 million. The buyer of Cher's home received a deposit receipt that reflected the buyer's earnest money deposit.