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Are you buying or selling real estate property in Ohio? Cover yourself in the event of lost, misplaced, misstated or inaccurate closing documents with this Ohio 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 Ohio Closing Correction Agreement form is a downloadable Microsoft Word document which is fully editable.
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 Ohio, 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 acknowledgment. 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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