Agreement and Indemnification…why use? - Posted by jeff
Posted by jeff on July 14, 2001 at 09:37:29:
Here is the situation:
I am on the deed along with two other parties. The two other parties want me off the deed. Instead of using a standard purchase agreement, they are using an “Agreement and Indemnification.” From what I have read, to indemnify is to protect another person against loss or damage. On the agreement it reads the other two individuals as the “Indemnitors” and me as the “Indemnitee.”
Who is this agreement protecting against, the indemnitors or the indemnitee?
Can’t I use a standard purchase agreement?