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.

Does indemnify mean reimburse?

Black's Law Dictionary says that indemnify means both To reimburse (another) for a loss suffered because of a third party's or one's own act or default and To promise to reimburse (another) for such a loss. So indemnify can be used in both language of obligation (Acme shall indemnify Widgetco) and language of

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Indemnity Agreement regarding Sale of Industrial Specialty Equipment

San Bernardino California Indemnity Agreement regarding Sale of Industrial Specialty Equipment

Name: San Bernardino California Indemnity Agreement regarding Sale of Industrial Specialty Equipment
Brand: US Legal Forms
Rating: 4.77 (371 reviews)

Category:

Contracts - Indemnification

State:

Multi-State

County:

San Bernardino

Control #:

US-02512BG

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Description

To indemnify means to reimburse another for a loss suffered because of a third party's or one's own act or default. It can also refer to a promise to reimburse another for such a loss or to give another security against such a loss. The right to indemnity and the duty to indemnify commonly comes from a contractual agreement, which generally protects against liability, loss, or damage. An indemnity agreement provides that one party to the agreement will reimburse the other for loss of injury that the party may suffer because of the occurrence of a specified event, or that one party will protect the other from harm or loss.

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An agreement of sale is a legal document that outlines the terms of a real estate transaction. It lists the price and other details of the transaction, and is signed by the seller and the buyer. An agreement of sale is also known as the contract of purchase, contract for sale, contract agreement or sale agreement.

Definition of indemnify transitive verb. 1 : to secure against hurt, loss, or damage. 2 : to make compensation to for incurred hurt, loss, or damage.

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.

A purchase agreement must detail the property to be sold, identifying the exact address and including the property's legal description as contained in official records of the local jurisdiction. Additionally, the identity of the seller (or sellers) and the buyer (or buyers) must be noted.

As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.

Black's Law Dictionary says that indemnify means both To reimburse (another) for a loss suffered because of a third party's or one's own act or default and To promise to reimburse (another) for such a loss. So indemnify can be used in both language of obligation (Acme shall indemnify Widgetco) and language of

Whilst an Agreement for Sale and Purchase has a host of standard conditions, there is also provision for adding any special conditions that buyers deem appropriate.

6.1 The Vendor will indemnify the Purchaser against, and save it harmless from, any loss, cost or damage of any nature whatsoever sustained by the Purchaser directly or indirectly by reason of a breach or inaccuracy of any of the warranties or representations.

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 purchase and sale agreement, also known as a purchase and sale contract, P&S agreement, or PSA, is a legally-binding document that establishes the terms and conditions related to a real estate transaction. It defines what requirements the buyer must meet as well as purchase price, limitations, and contingencies.

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Employer's Obligations for the Form W-4 and DE 4 . , for the Collection.Subject: PROPOSED AGREEMENT BETWEEN THE TOWN OF APPLE. Bids maybe received up to but not later than March 1, 2019 at a.m. The CONTRACTOR shall provide to the SBCCD on the terms set forth herein Complete. ITEM 10: EQUIPMENT SPECIFICATIONS . Contributions for the San Bernardino County Employees' Retirement Association. AIRPORT", (hereinafter referred to as "Project"). Hold harmless clause; Hold harmless letter; Hold harmless release; Indemnity agreement; Release of liability; Waiver of liability. In completing the review under subsection (a)(3), the Secretary shall provide for public and private meetings with Indian tribes and other stakeholders.

San Bernardino California Indemnity Agreement regarding Sale of Industrial Specialty Equipment

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How to fill out San Bernardino California Indemnity Agreement Regarding Sale Of Industrial Specialty Equipment?

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FAQ

What is an Sal agreement?

What does it mean if I indemnify someone?

What does indemnify mean in real estate?

What is the most important condition to be met in a purchase agreement?

What should be included in a purchase agreement?

Does indemnify mean reimburse?

Can I include special conditions in the sale and purchase agreement?

Does the vendor indemnify?

What does it mean for seller to indemnify buyer?

What is a P&S document?

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What is a San Bernardino Indemnity Agreement?

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