Posted by Sean on July 14, 2001 at 19:03:30:
They agree to insure you against loss. Just like an insurance company would hire a lawyer to defend you from a legal attack, they should do the same thing and, if you lose, they should pay for the judgement.
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?
Re: Agreement and Indemnification…why use? - Posted by Clark
Posted by Clark on July 15, 2001 at 08:44:11:
NEVER accept legal advice given in a news group post! Your facts don’t tell enough for any lawyer to advise you on, and real estate laws also vary tremendously state-to-state. You need to talk to a local attorney, and you should be able to find one who will go over your situation for little or no cost - you might want to see if your state has a “lawyer’s referral service” where you often can get a quality initial consultation for something like $20. Facts that you will need to provide to your lawyer will include: (1) a copy of the deed and any other relevant documents (such as this so-called indemnity agreement you mention); (2) whether you are being paid to “get off the deed;” (3) whether/how you are related to the other two people; (4) whether you will have any continuing relationship to the real property; and (5) just what it is that YOU want to be the end result.
In all events, do NOT rely on the “advice” given you in the other posts, for there is just no way for those people to know enough about your situation to offer any meaningful help. Good luck!
Re: Agreement and Indemnification…why use? - Posted by Sean
Posted by Sean on July 14, 2001 at 09:44:00:
In those kinds of words indemnitors give and indemintees receive. Therefore the indemnitors (them) are giving the indemnitee (you) indemnification.
I don’t know why it’s working that way. Normally people would use a grant deed or a quit claim deed to effect a change in title.
Re: Agreement and Indemnification…why use? - Posted by jef
Posted by jef on July 14, 2001 at 10:04:45:
So does that mean I (indemnitee) am protected against loss?