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

Hillsborough Florida Indemnification of Buyer and Seller of Business

Name: Hillsborough Florida Indemnification of Buyer and Seller of Business
Brand: US Legal Forms
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Contracts - Indemnification

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Hillsborough

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US-02050BG

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Indemnification of Buyer and Seller of Business

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FAQ

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.

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.

Indemnification provisions are generally enforceable. There are certain exceptions however. Indemnifications that require a party to indemnify another party for any claim irrespective of fault ('broad form' or 'no fault' indemnities) generally have been found to violate public policy.

Court will not enforce an indemnification provision that indemnifies an indemnitee for its own negligence unless the intention of the parties is clearly and unambiguously expressed. Courts first look for specific language in the contract that address the fault or negligence of the indemnitee.

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.

At their core, indemnification provisions transfer liabilities related to a claim from one party to another party, generally in the event of a breach of contract or a party's negligence or misconduct in the performance of the agreement.

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 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.

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.

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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Pursuant to Chapter 761 of the laws of the State of Florida, “the seller of any other business of the buyer is liable to pay the payment made by the buyer to the seller or his agent within seven days after the sale, unless the buyer may choose to file a claim for payment of the amount due the seller within this seven-day period”. The buyer's agent may file a claim for payment of the payment made by the buyer to the seller of the other business within twenty days from the date the last invoice for the transaction in which the other business is sold is received by the seller. The Florida State Legislature has not yet determined whether the seller of the second business would be liable to pay the payments of the buyer made by the buyer to the seller of the other business. We are aware of no Florida decision of this kind. In an earlier version of this FAQ you stated that we are “guaranteeing your money will be returned to you”.

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Hillsborough Florida Indemnification of Buyer and Seller of Business

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What is the indemnification clause in the Hillsborough Indemnification of Buyer and Seller of Business832887?

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What types of events or issues are typically covered under indemnification in the Hillsborough Indemnification of Buyer and Seller of Business832887?

Can the buyer and seller negotiate the terms of indemnification in the Hillsborough Indemnification of Buyer and Seller of Business832887?

What happens if there is a breach of the indemnification clause in the Hillsborough Indemnification of Buyer and Seller of Business832887?

How long does the indemnification clause remain in effect in the Hillsborough Indemnification of Buyer and Seller of Business832887?

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