Indemnity and Hold Harmless Affidavit for Use with Prior Survey on Commercial Property
What is this form?
The Indemnity and Hold Harmless Affidavit for Use with Prior Survey on Commercial Property is a legal document that protects the title insurance company from claims arising from survey issues on commercial properties. This affidavit allows property owners to validate a prior survey instead of conducting a new one, ensuring that the title company can provide coverage without exceptions related to survey findings. It is crucial for ensuring comprehensive title insurance during property transactions.
What’s included in this form
- Purpose: Establishes the intent to induce the title company to provide coverage over survey-related matters.
- Property Description: Specifies the real property involved and references the prior survey.
- Title Insurance Policy: Outlines the agreement for the title insurance to be issued without exceptions related to survey findings.
- Indemnity Clause: States the applicant's obligation to hold the title company harmless for undisclosed claims related to the property.
- Signatures and Notary: Requires signatures from the seller and a notary public to validate the affidavit.
Common use cases
This form is used when selling or purchasing commercial property where a prior survey exists. It is particularly useful when the seller wants to avoid the costs and delays associated with obtaining a new survey. By completing this affidavit, the seller assures the title company of the validity of the prior survey and takes on the risk for any claims that might arise from any discrepancies not detected due to the absence of a current survey.
Who this form is for
- Property owners or sellers looking to transfer ownership of commercial real estate.
- Buyers of commercial properties who need title insurance without the requirement for a new survey.
- Title insurance companies that require assurance regarding the survey of the property.
- Real estate professionals assisting clients in commercial property transactions.
Instructions for completing this form
- Identify the parties: Enter the names of the seller/owner and the title company.
- Specify the property: Provide the full description of the commercial property as detailed in the prior survey.
- Enter survey details: Include the date and details of the previous survey validating its accuracy.
- Complete the indemnity clause: Review and agree to the indemnity terms regarding undisclosed claims.
- Sign and notarize: Have the seller sign the affidavit in the presence of a notary public.
Does this document require notarization?
Yes, this form must be notarized to be legally valid. The notarization process confirms the identity of the signer, ensuring the affidavit is recognized by legal entities. US Legal Forms provides integrated online notarization options, allowing you to complete the notarization securely through a video call without needing to travel.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to provide a complete property description, which can lead to disputes.
- Not attaching or referencing the correct prior survey date or details.
- Neglecting to sign or obtain notarization, which can invalidate the affidavit.
- Overlooking the indemnity obligation, which may expose the seller to greater liability.
Advantages of online completion
- Immediate access to a professionally drafted legal document.
- Easy to fill out and download, streamlining the property transaction process.
- Editable templates ensure you can customize the affidavit to meet specific needs.
- Reliability of having a form created by licensed attorneys, ensuring legal clarity.
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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.
