Legal Question in Real Estate Law in Virginia

Indemnity Agreement on Estate Real Property Sale

My wife is the executor of her aunt's estate in Virginia. She found a buyer for the house and am ready to sign the closing papers. One form she needs to sign is called an Indemnity agreement with the title insurance corporation which states that she ''agrees to indemnify said title company against all loss, cost, damage, charge, liability or expense ...'' by reason of ''subject said property to the payment of debts against said estate'', etc (it lists other possibilities). It was mentioned that she either had to wait one year before the money is deposited into the estate account (it will remain in escrow during that time) or she has to post bond in which case the money can be deposited in the estate account. What exactly is this indemnity agreement? Is this related to the bond she has to post or is this making her responsible if there are any problems in the future? It is a little confusing since the real estate lawyer seems too busy to return her calls.

Thanks.

Asked on 8/20/01, 1:00 pm

1 Answer from Attorneys

Joel Selik www.SelikLaw.com
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Re: Indemnity Agreement on Estate Real Property Sale

that real estate attorney should answer your question. An indemnity agreement is an agreement to pay for losses, claims or damages.

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8/20/01, 2:24 pm

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