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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A deposit is a payment made to secure an item for sale or rent.
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.
A deposit should only be paid after an agreement has been signed by all parties.
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