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New Mexico Closing Correction Agreement


Buying or selling real estate property in New Mexico? Cover yourself in the event of lost or inaccurate closing documents with this New Mexico Closing Correction Agreement. - The buyer and the seller agree to correct or replace any closing document that contains an error or which has been lost or destroyed. - If the original promissory note is replaced, the seller and the lender will indemnify the buyer against any loss. - If there was an error resulting in the wrong amount of funds being transferred between the parties, the parties agree to supply or refund any amount necessary to adjust for the error. - The agreement does not address any errors in consumer disclosure documentation given to the buyer in connection with a mortgage loan. The New Mexico Closing Correction Agreement form is a downloadable Microsoft Word document which is fully editable.

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									                    CLOSING CORRECTION AGREEMENT
This Agreement made this _____ day of ______________, _______ by and between
__________________________, of _______________________________ (“Buyer(s)”) and
___________________________, of ________________________________ (“Seller(s)”)

In consideration of the closing of the transaction identified herein, Seller(s) and Buyer(s) hereby
agree as follows:

1.     This Agreement concerns the closing of a real estate transaction between Seller(s) and
       Buyer(s) with respect to property located in _______________ County, State of New
       Mexico, as evidenced by the Offer to Purchase / Agreement of Purchase & Sale dated
       __________ [insert date], a copy of which is attached hereto.

2.     Correction or Replacement includes, but is not limited to, the execution,
       acknowledgment, initialing and delivering to the other party any documentation deemed
       necessary to replace or correct any lost, misplaced, misstated or inaccurate documents.

       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.

3.     Seller(s) and/or Buyer(s) shall, at the request of the other party, the closing representative
       or the lender, correct and/or replace any closing document that contains any error,
       inaccuracy, or which has been lost, destroyed or misplaced, for any reason whatsoever.

       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 the loan (if applicable), or if it
       fails to conform to the contract of the sale or true intentions of the parties, including, but
       not limited to, errors in the legal description, misspelled names, or an invalid

4.     This Agreement is made regardless of the reason for any loss, misplacement or
       inaccuracy in any closing or loan documents.

5.     In the event the original promissory note is replaced, Seller(s)/lender shall indemnify
       Buyer(s) against any and all loss associated
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