Indemnity and Hold Harmless Affidavit for Use with Prior Survey on Commercial Property
Definition and meaning
The Indemnity and Hold Harmless Affidavit for Use with Prior Survey on Commercial Property is a legal document that states the applicant's belief that a previous survey accurately represents the property in question. This affidavit aims to protect the title insurance company from claims that may arise regarding the property's survey, thus compensating for any potential discrepancies not disclosed in the prior survey.
How to complete a form
To properly fill out the Indemnity and Hold Harmless Affidavit, follow these steps:
- Enter the date of the affidavit.
- Complete the seller/owner section with your name.
- Provide the name of the title company.
- Describe the property, including location and specific details.
- Reference the prior survey, including the date and surveyor's name.
- Sign the document and have it notarized.
Make sure all information is accurate and matches with the related property documents.
Who should use this form
This affidavit is typically used by property owners or buyers when seeking title insurance on commercial properties that have undergone prior surveys. It is particularly useful when a new survey is either not feasible or necessary, allowing the title insurance company to proceed without exception regarding survey matters.
Legal use and context
The Indemnity and Hold Harmless Affidavit is legal protection for title companies, ensuring they are safe from claims related to property surveys. This document is commonly required in real estate transactions and serves as assurance for lenders and buyers, establishing that the property details have been appropriately reviewed.
Key components of the form
Essential elements of the affidavit include:
- Date: The date when the affidavit is completed.
- Property Description: A detailed description of the property.
- Prior Survey Information: Details of the previous survey, including the date and the surveyor's name.
- Indemnity Clause: A commitment to indemnify the title company against claims related to undisclosed survey matters.
Common mistakes to avoid when using this form
When completing the affidavit, be wary of these common errors:
- Providing inaccurate property details, leading to potential claims.
- Failing to reference or include the prior survey information.
- Not getting the document notarized, which may render it invalid.
- Leaving sections incomplete, which could result in misunderstandings.
It's crucial to ensure all sections are thoroughly addressed to maintain the affidavit's integrity.
Form popularity
FAQ
What is an Indemnification And Hold Harmless Agreement? An indemnification and hold harmless agreement is an agreement that limits the liability of one or more parties to a contract. This agreement is used to establish protection from liabilities, losses, claims, or damages for one or both of the parties.
Notwithstanding anything to the contrary contained herein, Sponsor shall not have any obligation to defend, indemnify, or hold Indemnitees harmless from claims, suits, or damages arising as a result of, or in connection with, willful malfeasance or negligent acts or omissions of Indemnitees.
The Contractor shall defend, indemnify and hold the County, its officers, officials, employees and volunteers harmless from any and all claims, injuries, damages, losses or suits including attorney fees, arising out of or in connection with the performance of this Agreement, except for injuries and damages caused by
An example of a hold harmless clause that uses indemnity language is one stating that one party shall "indemnity, defend, and hold harmless" the other "from and against claims, damages, losses, and expenses, including but not limited to attorney's fees, arising out of or resulting from negligence or misconduct in
An agreement whereby the first party (the indemnitor) agrees to hold a second party (the indemnitee) harmless from tort liability arising out of the indemnitor's negligent act or omission.
The prevailing interpretation is that ?hold harmless? and ?indemnify? are synonymous. However, under the minority view, ?hold harmless? requires payment of both actual losses and potential liabilities, while ?indemnify? protects against incurred losses only.
