What does indemnify mean 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 of Buyer and Seller of Business

Broward Florida Indemnification of Buyer and Seller of Business

Name: Broward Florida Indemnification of Buyer and Seller of Business
Brand: US Legal Forms
Rating: 4.71 (336 reviews)

Category:

Contracts - Indemnification

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Multi-State

County:

Broward

Control #:

US-02050BG

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Indemnification of Buyer and Seller of Business

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Having an indemnity clause in an agreement to sell protects the buyer against any legal dispute which may arise or if the title of the property is found defective or any other scenario which prejudices the rights of the buyer and may be triggered by either: a) breach of contract; b) party's fault or negligence; or c) a

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.

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.

A buyer indemnity is a clause included in the purchase and sale agreement (PSA), which relates to the reps and warranties provided by the buyer. It is often a clause buried toward the end of the PSA, but nonetheless an important component of the agreement for the seller.

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.

Example 1: Here is an example of a simple indemnity clause in a contract: "I hereby release, acquit and discharge company and its agents and employees from any liability arising from any circumstance including the negligence of company or its employees.

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.

"Each party agrees to indemnify, defend, and hold harmless the other party from and against any loss, cost, or damage of any kind (including reasonable outside attorneys' fees) to the extent arising out of its breach of this Agreement, and/or its negligence or willful misconduct."

Party A shall indemnify, defend and hold harmless Party B against any and all loss arising out of, by reason of, in connection with or as a result of third-party claims in connection with intellectual property that is the subject matter of license under this agreement.

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Buyer is engaged in the business of developing technology for the Fintech industry;. The conduct of the business of the Buyer after the Closing Date. 5.4.Procedure for Indemnification. Although the concept of indemnification may not be new to you, it has its own characteristics, rules and implications in the context of selling a business. Library of Congress.

Broward Florida Indemnification of Buyer and Seller of Business

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Interesting Questions

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