CORRECTION STATEMENT AND AGREEMENT
STATE OF
COUNTY OF
In consideration of the closing of the sales transaction identified herein, Seller(s) and Buyer(s) agree as follows:
- This agreement concerns the closing of a real estate transaction between Seller(s) and Buyer(s) as evidenced by dated , a copy of which is attached hereto.
- Seller(s) and/or Buyer(s) shall correct and/or replace any closing document at the request of the other, or the Closing Representative, or Lender, that contains an error, inaccuracy, or has been lost, destroyed or misplaced for any reason. A closing document shall be deemed to contain an error or inaccuracy if it fails to reflect the true or correct terms and conditions of the closing and loan, if applicable or to conform to the contract of sale or true intentions of the parties. Examples include but are not limited to errors in the legal description, misspelled names, invalid acknowledgment, etc.
- This agreement is made regardless of the reason for any loss, misplacement, or inaccuracy in any closing or Loan documents, if any.
- “Correct or Replace” includes but is not limited to the execution, acknowledgment, initialing, and delivering to the other any documentation deemed necessary to replace or correct the lost, misplaced, misstated, or inaccurate document(s). “Closing Documents” include, but are not limited to closing statements, deeds, deeds of trust or mortgages, promissory notes, affidavits, contracts or other documents executed by the parties in connection with the closing.
- If the original promissory note is replaced, the Seller(s)/Lender hereby indemnifies the Buyer(s) against any loss associated with a demand in the original note.
6. Buyer(s) and Seller(s) shall deliver the Replacement Documents within thirty (30) days after receipt by the other of a written request for corrective action under this agreement.
- In the event that the Closing Statement or funds transferred between Buyer(s) and Seller(s) did not accurately reflect the agreement of the parties, Buyer(s) and Seller(s) will supply additional amounts due or amount to be refunded.
- This agreement is not intended to address errors or inaccuracies in any consumer disclosures given to Buyer(s) in connection with Buyer(s) Loan, if any. Such errors or inaccuracies will be addressed by Seller(s)/Lender in accordance with the applicable consumer law or regulation.
- If Buyer(s) or Seller(s) fail or refuse to execute, acknowledge, initial, and deliver the Replacement Documents or provide the additional documents or fees for more than thirty (30) days after being requested to do so, Buyer(s) or Seller(s), whichever if the refuser, agrees to be liable for any and all loss or damage which the other reasonably sustains thereby, including but not limited to all reasonable attorney’s fees and costs incurred to obtain the corrected or replacement documents.
- This agreement shall survive the closing inure to the benefit of the Buyer(s) and Seller(s), their successors and assigns, and be binding upon the heirs, devisees, personal representatives, successors, and assigns of the parties
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Seller Date Buyer Date
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Address Address
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City State Zip City State Zip
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Seller Date Buyer Date
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Address Address
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City State Zip City State Zip
Sworn to and Subscribed before me this the day of , 20 .
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NOTARY PUBLIC
My Commission Expires:
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