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

San Bernardino California Indemnification of Buyer and Seller of Business

Name: San Bernardino California Indemnification of Buyer and Seller of Business
Brand: US Legal Forms
Rating: 4.71 (336 reviews)

Category:

Contracts - Indemnification

State:

Multi-State

County:

San Bernardino

Control #:

US-02050BG

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Indemnification of Buyer and Seller of Business

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While generally, indemnity contracts for negligence are enforceable, the strict rule of construction in California is that indemnity for active negligence requires explicit language in the clause that negligence of the indemnitee is to be included.

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.

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.

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.

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.

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.

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.

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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Such action heard in the San Bernardino County Superior Court. H1eridian;in the County 01 San Bernardino, Statc of California.SUBMIT PROPOSALS TO: San Bernardino Community College District. ATTN: Steven Sutorus, Business Manager. Interstate 210 in the City of San Bernardino. Qualified Vendors to provide the District with an Apple hardware repair vendor for in warranty and outofwarranty devices. Title: Agreement with Epic Systems Corporation for Hosting Services for Arrowhead Regional Medical Center's Electronic Health Record System.

San Bernardino California Indemnification of Buyer and Seller of Business

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What does indemnification mean?

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