Indemnification Clauses: Contract for Real Property

• Category: Contracts - Clauses
• State: Multi-State
• Control #: US-C-CL-645-1
• Format: Word; Rich Text

Description

A clause dictates the conditions under which the contract is legally enforceable and determines the terms of the contract. Contracts often contain boilerplate clauses or standard clauses found across most contracts. These standard clauses do not require a lot of negotiation. Included is a Sample Indemnification Clauses for a Contract for Real Property. It's similar to a guaranty, but instead of guaranteeing a specific obligation such as a loan, an indemnity is a broader agreement to pay for damages incurred by the indemnitee if certain circumstances occur.

Indemnification Clauses: Contract for Real Property are clauses in a contract for the sale of real estate that protect the purchaser from unforeseen losses or liabilities due to the condition of the property. These clauses are included to ensure the buyer is made whole in the event of any damages or expenses incurred due to the property. There are two main types of indemnification clauses: mutual and unilateral. A mutual indemnification clause is a clause in a contract that states that both parties agree to indemnify each other for any losses or damages incurred due to the property. This clause may also provide for reimbursement of legal fees incurred in enforcing the agreement. A unilateral indemnification clause is a clause in a contract that states that one party agrees to indemnify the other for any losses or damages incurred due to the property. This clause may also provide for reimbursement of legal fees incurred in enforcing the agreement. These indemnification clauses are important for both parties in the contract as they provide an additional layer of protection should any unexpected losses or damages arise due to the property. They ensure that the buyer is made whole should the property not be as advertised or have any hidden issues.