Indemnity clause not included in agreement
We have finalized upon a re-sale flat and there is one sticking point in the agreement. The seller is not willing to include an indemnity clause against any defect in property title. Instead they want to put a clause saying that the buyer has verified all documents and satisfied themselves. Our lawyer has verified the property documents and they are correct. What are the drawbacks of not having this clause?
The simple meaning of excluding the indemnity clause in the agreement is that right from the moment you take possession over the property – all the rights and liabilities over the house are yours and the seller gets absolved from any/all the responsibilties to pay you back in case of any mishappening or damage caused to you or the house. Therefore, the only option which is left with the buyer is to closely and clearly (agaisnt all odds) inspect the premise and then only enter into any sort of agreement with respect to the same. The property document may be right but the physical stability of the house needs to be inspected.
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