What is an indemnity agreement in real estate?

Indemnification in real estate defines the buyer taking full responsibility for what should be the seller's fault otherwise. For example, you agree to purchase a property with minor flaws caused by the seller.

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Indemnification Agreement for Sale of Real Estate with Planted Timber

Nassau New York Indemnification Agreement for Sale of Real Estate with Planted Timber

Name: Nassau New York Indemnification Agreement for Sale of Real Estate with Planted Timber
Brand: US Legal Forms
Rating: 4.81 (443 reviews)

Category:

Contracts - Indemnification

State:

Multi-State

County:

Nassau

Control #:

US-01619

Format:

Instant download

Description

The purchaser agrees to buy certain property from the seller. A portion of the property was planted in pines with government assistance. Purchaser agrees to abide by the terms and provisions and conditions of the agreement and if a violation occurs, purchaser will hold seller harmless for any due payments.

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FAQ

Indemnification in real estate defines the buyer taking full responsibility for what should be the seller's fault otherwise. For example, you agree to purchase a property with minor flaws caused by the seller.

To indemnify means to compensate someone for his/her harm or loss. In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

Within a real estate contract, a time is of the essence clause creates a specified timeframe for the party to meet its obligations. Even if this clause is not explicitly stated in a contract, the same principles can be applied through a time is of the essence letter.

Adding an indemnity agreement to a promissory note requires the borrower to execute and deliver a replacement promissory note if the original note is lost, destroyed, stolen, or damaged. Such an agreement protects the noteholder's ability to enforce the loan.

This language would say that time is of the essence as to the new closing date; this makes the closing date (referred to as law day) and it becomes a strict date that must be complied with, and is no longer a flexible on or about date.

Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.

When the sale becomes unconditional, you are no longer able to back out of the contract without incurring significant financial penalties. The contract for sale will outline what the buyer is required to pay the seller as compensation for pulling out of an unconditional contract.

Generally, indemnification is the buyer's remedy for a breach of any promises made in the purchase agreement or losses incurred relating to specific liabilities outlined in the purchase agreement. Indemnification allocates the risk of various post-closing losses between buyer and seller.

To indemnify another party is to compensate that party for losses that that party has incurred or will incur as related to a specified incident.

To indemnify means that the seller will reimburse the buyer for a loss or liability. To defend means that the seller will pay the buyer's legal fees for suits that arise from specific risks articulated in the contract.

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Forestry. Bolton, Jonathan R. Retained. Sales Tax, Assessed Value and Estimated Actual Value of Taxable Property .Indemnity is compensation for damages or loss. When it is used in the legal sense, indemnity may also refer to an exemption from liability for damages. G. Local laws or ordinances authorizing the purchase, sale, lease or transfer of property, or any lawful contract, agreement or obligation.

L. Local ordinances or acts of a civic or public body that require that certain classes of property be disposed of, sold or leased to those who are members of the public. In municipalities (towns, cities, villages and incorporated districts, where applicable), such ordinances may provide for property rights. “Abandonment” is different from abandonment in that it is a voluntary failure to maintain or use property. “Abandonment” as used in this Part, means the intentional or negligent failure to maintain or use an abandoned property that is subject to the law of the municipal corporation in which it is located. “Abandoned property” means a commercial or residential building or structure, and also a land parcel subject to title held by an individual without any intent to use the property, or when the use or occupancy of the property cannot be reasonably foreseen.

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Nassau New York Indemnification Agreement for Sale of Real Estate with Planted Timber

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