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Owner Affidavit And Indemnity Agreement

Owner Affidavit And Indemnity Agreement Template for United States

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Key Requirements PROMPT example:

Owner Affidavit And Indemnity Agreement

"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."

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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) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Relevant legal definitions

Agreement
Property
Owner
Title Company
Effective Date
Indemnified Parties
Claims
Liens
Mechanics' Liens
Improvements
Construction Work
Contractors
Subcontractors
Material Suppliers
Permitted Encumbrances
Title Policy
Closing Date
Purchase Agreement
Indemnification Obligations
Representations and Warranties
Governing Law
Business Day
Force Majeure
Notice
Parties
Property Description
Title Commitment
Occupants
Tenants
Lease Agreements
Environmental Hazards
Boundary Lines
Encroachments
Easements
Rights of Way

Industries

Real Property Laws: State-specific real property statutes, local property recording requirements, and property title laws that govern the ownership and transfer of real estate

Affidavit Requirements: State laws governing sworn statements, Notary Public laws for affidavit authentication, and penalties for false statements under state and federal law

Lien Laws: Mechanics' lien statutes, construction lien laws, and state-specific lien waiver requirements that affect property rights and obligations

Contract Laws: State contract law principles, Statute of Frauds requirements, and consideration requirements that govern agreement formation and enforcement

Indemnification Laws: State-specific indemnification statutes, enforceability of indemnity provisions, and limitations on indemnification clauses

Title Insurance Requirements: Title insurance company requirements, ALTA (American Land Title Association) standards, and state-specific title insurance regulations

Consumer Protection Laws: State and federal consumer protection statutes, including Truth in Lending Act provisions where applicable

Statute of Limitations: State-specific time limitations for claims, recording deadlines, and enforcement periods for legal actions

RESPA Compliance: Real Estate Settlement Procedures Act requirements for residential real estate transactions and federal settlement regulations

State-Specific Requirements: Local recording requirements, county-specific forms or provisions, and municipal regulations that vary by jurisdiction

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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Owner Affidavit And Indemnity Agreement

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Affidavit And Indemnification Agreement

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