WHEN BUYING LAND OR HOUSE, INCLUDE AN INDEMNITY CLAUSE IN YOUR OWNERSHIP DOCUMENT
At Apex Chambers, best Law Firm of very experienced Property/Real Estate and Business/Commercial Lawyers, Barristers, Solicitors, Attorneys Advocates and Notary Public near you in Port Harcourt, Rivers State, Nigeria, with 17 years law practice experience, we always advise that you ensure you have an indemnity clause in your land or house documents of ownership.
An indemnity clause is a term in a land or house buying agreement where the seller affirms that the land or house is his, there exists no legal impediments over the land or house, that the land document fully transfers ownership to the buyer and agrees to pay for potential losses or damage to the buyer as a result of claims as to ownership or other interest on the land or house by a third party or his negligence or his not disclosing facts which would lead to the buyer losing the land or house.
This would ensure that the vendor has a duty to refund the purchase price and the value of funds spent on the land/house by the buyer.
Every land/house purchase document should have an indemnity clause in it. The essence of the indemnity clause is that where the vendor turns out not to be the owner of the said land/house, it becomes a case of fraud and the vendor attracts criminal liability to himself.
So be sure to have an indemnity clause in the Deed of ownership to secure your purchase price and improvements on the land.
If you need legal help with any Property/Real Estate or Business/Commercial matter or transaction, call or Whatsapp Apex Chambers from anywhere in the world, any day and anytime on +2347030868694.
