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Click ‘Get Form’ to open the VERIFICATION OF BINDER DEPOSIT RECEIPT in the editor.
Begin with Part 1, where you will check either 'Initial Deposit' or 'Additional Deposit'. Fill in the amount and request date accordingly.
Provide your details as the Selling Broker, including your name and phone number, along with the Selling Sales Associate's name.
Complete the Buyer, Seller, and Property Address fields accurately to ensure proper identification of the transaction.
In Part 2, if applicable, indicate whether it is an Initial or Additional Deposit. Enter the received amounts and dates as confirmed by the Escrow Agent.
Ensure that an authorized representative from the Escrow Agent signs and dates this section for verification.
In Part 3, notify the Listing Broker or Seller by filling in their details and selecting whether you have a written Binder Deposit Receipt for records.
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Proof of deposit (POD) is either a verification that a mortgage borrower has the funds for down payment or that the dollar amount of a deposit is correct. Mortgage lenders will require POD to show that the borrower has sufficient funds to pay the downpayment for a property.
What is verification of deposit for housing?
What sources count toward proof of deposit? Bank accounts (checking or savings), CDs, brokerage accounts, money market accounts, and other cash equivalents. Assets such as retirement accounts, mutual funds, and permanent life insurance will not typically qualify as POD.
What does VOD mean in banking?
A verification of deposit is a document through which a mortgage lender obtains proof from a borrowers banking institution of his or her balances. Upon a lenders request, a banking institution will fulfill this inquiry by providing current data as well as two months worth of the borrowers average bank balances.
What is a binder and deposit receipt?
A binder deposit, also known as an earnest money deposit, is a sum of money paid by the buyer to show their commitment to purchasing a property. It is typically held in escrow by a neutral third party, such as a title company or an attorney, until the closing of the transaction.
What is verification of deposit form?
A Verification of Deposit form is a document that is part of a personal mortgage loan application package and is used as a risk-mitigation measure. It is sent from one financial institution to another to confirm either that a customers: cash deposit amounts as reported on the loan application are correct.
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