Owner Affidavit And Indemnity Agreement

Owner Affidavit And Indemnity Agreement Template for United States

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Key Requirements PROMPT example:

"I need an Owner Affidavit and Indemnity Agreement for a commercial property sale closing on March 15, 2025, with specific provisions addressing recent roofing work and tenant improvements completed in the last six months."

Document background

The Owner Affidavit and Indemnity Agreement serves as a critical risk management tool in U.S. real estate transactions. This document is typically required by title insurance companies before issuing title insurance policies and is often used in property sales, refinancing, or other real estate transactions. It provides assurance to interested parties about the property's status and creates legal obligations for the owner to stand behind their statements. The agreement helps identify and address potential title issues while providing protection through indemnification provisions.

Suggested Sections

1. Parties: Identification of property owner(s) and other relevant parties making and receiving the affidavit

2. Background: Context of the affidavit, property details, and purpose of the agreement

3. Definitions: Key terms used throughout the document including Property, Improvements, Claims, Liens, etc.

4. Owner Representations: Sworn statements regarding property ownership, absence of liens, property status, and other material facts

5. Indemnification Provisions: Terms of owner's indemnification obligations, scope of protection, and duration of indemnity

6. Execution: Signature blocks, notary acknowledgment, and witness requirements

Optional Sections

1. Construction Status: Details about ongoing or recent construction work, including completion dates and payment status

2. Tenant Status: Information about current tenants, leases, and occupancy rights

3. Environmental Matters: Statements regarding environmental conditions, hazards, and compliance

Suggested Schedules

1. Schedule A - Property Description: Legal description of the subject property and its boundaries

2. Schedule B - Contractor List: List of contractors who performed work on the property within relevant timeframe

3. Schedule C - Lien Waivers: Copies of lien waivers from contractors and subcontractors

4. Schedule D - Title Exceptions: List of known title exceptions, encumbrances, and permitted liens

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Agreement

Effective Date

Business Day

Clauses

Relevant Industries

Real Estate
Construction
Banking
Insurance

Relevant Teams

Legal Department
Real Estate Operations
Risk Management
Compliance
Finance

Relevant Roles

Real Estate Attorney
Title Officer
Property Manager
Real Estate Agent
Mortgage Loan Officer

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Owner Affidavit And Indemnity Agreement Template for United States

Let's create your Owner Affidavit And Indemnity Agreement