An agreement should indemnify the indemnitee against any lawful claim by any other party on account of the lost instrument, and against all costs and expenses by reason of the claim. The agreement should be sufficient in amount to cover the instrument and reasonable expenses connected with a claim against the agreement. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Texas Indemnity Against Loss Resulting from Lost or Mislaid Deed
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How to fill out Indemnity Against Loss Resulting From Lost Or Mislaid Deed?
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FAQ
A specific exception is one that affects the property to be insured and is not standard in all Texas title policies. Specific exceptions can include things like: restrictions, easements, mineral severances, and setback requirements.
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.
The letter of indemnity will indemnify the buyer's title insurer from any losses incurred due to the title defect and will typically also contain an ?undertaking clause? which means that your title insurance company will resolve the title defect after your closing.
Texas Insurance Code § 151.102 and Indemnity in Texas Indemnity clauses are contractual provisions that commit one party to compensate the other for losses arising out of a commercial contract.
A letter issued by a for-profit entity which promises by written confirmation to act as a 3rd-party on behalf of the first party in a transaction or contract. This 3rd-party covers loss or damage to the 2nd-party in the agreement caused by the first party.
Is it required? Texas does not require title insurance. The lender will require you to buy a Loan Policy of Title Insurance to protect their interest.
So, a letter of indemnity, or the more often used indemnity clause in a Sales and Purchase Agreement (SPA), secures the indemnity holder (buyer or seller) against potential financial losses resulting from the other party's conduct.
Indemnity Agreement -- An agreement by which one party agrees to repay another for any loss or damage the latter may suffer. Ingress and Egress -- A right to enter upon and pass through land. Installment Contract -- A method of purchasing by installment (usually monthly) payments.
