A correction deed is somewhat self-explanatory: it is a deed that serves to correct and negate a mistake made between parties that have contracted an original deed agreement. The mistake can encompass minor terms of the agreement such as the misspelling of a name, or major terms such as the price of the land. In any situation, if both parties decide a correction is needed, then a simple correction deed should be constructed.
Most Common Errors
The most common type of error within a deed which subsequently renders a correction deed necessary is an inaccuracy concerning the description of the property being conveyed. For example, a miscalculation in the acreage of the land being conveyed would necessitate a correction deed that would need to be signed by the grantor and the grantee once discovered.
What's Not Covered
It must be noted that correction deeds are not sufficient when the contracting parties want to add or change an element to the existing agreement. In such a case, a new contract should be constructed. Correction deeds simply change one specific element of a contract, while leaving the other pieces of the puzzle intact.
- signing a contract image by William Berry from Fotolia.com