Correction Statement and Agreement
STATE OF KENTUCKY
COUNTY OF ______________
In consideration of the closing of the sales transaction identified herein, Seller( s) and Buyer(s)
agree as follows: 1. This agreement concerns the closing of a real estate transaction between Selle r(s) and
Buyer(s) as evidenced by ____________________ dated _______________, a copy of
which is attached hereto.
2. 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 conditi ons
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.
3. This agreement is made regardless of the reason for any loss, misplacement, or i naccuracy
in any closing or Loan documents, if any.
4. "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.
5. 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 .
7. 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.
8. 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 applic able
consumer law or regulation.
9. 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 is 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.
10. 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
___________________________________________________ _______________________________________________
Seller Date Buyer Date
___________________________________________________ _______________________________________________
Address Address
____________________________________________________ _______________________________________________
City State Zip City State Zip
___________________________________________________ _______________________________________________
Seller Date Buyer Date
___________________________________________________ _______________________________________________
Address Address
____________________________________________________ _______________________________________________
City State Zip City State Zip
Sworn to and Subscribed before me this the _________ day of __________________, 20______.
My Commission Expires: _______________________________________
NOTARY PUBLIC
________________________
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