Rent Receipt Form: evidence of compliance with the payment terms.
Having found a person who seems to be a perfect tenant or landlord can appear a true relief if the process of closing the rental deal has taken a long time and much effort. However, even though the situation may seem settled now for both Parties (Landlord and Tenant) it is very important to always make sure that all the terms and conditions of the legally binding relationship of the mentioned type are properly followed. And, logically, the cornerstone of the worry-free lease transaction is making and receiving the timely payments. In case a misunderstanding arises between the Parties and it becomes necessary to resolve it in a legal way, the first thing a lawyer should check is whether all due payments were made in a proper way and time. A Rent Receipt is what to come in handy as evidence of compliance with the payment terms. Let’s check how its usage is going to help out either of the Parties to the rental agreement.
Who needs a Rent Receipt Form?
The Rent Receipt Form is an important document for both parties to the lease agreement. It is to be signed by the Landlord or their authorized Agent so as to confirm the amount of rent payment and its date.
Is Rent Receipt Form accompanied by other forms?
There is no need to support the Rent Receipt by any other documents. However, if the very first payment of the rent is meant, it is very likely to be used as an accompaniment for the rental agreement.
When is Rent Receipt Form due?
The Rent Receipt as well as all other types of receipts are due at the moment of paying the rent. The due date and the amount of the payment are to be indicated as one of the most important provisions of the lease agreement. And depending whether it is a yearly lease, month-to month, or week-to-week rent, the payment can be made either once in every 30 days or once a week.
How do I fill out Rent Receipt Form?
The completed receipt form must legibly indicate:
- the date when the payment is made;
- the person receiving the rent (the Landlord);
- the address;
- the sum;
- the period paid for;
- the balance due (if it is a long-term lease);
- the mode of payment (cash, check, money order).
Finally, the Landlord or their Agent must sign the receipt.
What do I do with the completed Rent Receipt Form?
The two original copies of the Rent Receipt form must be filled out. One of them should be given to the Tenant making the payment, and the other – is to be retained by the Landlord. All the issued rent receipts must be kept by both Parties to the rental agreement until it is in effect.