ENSURE YOUR LAND/BUILDING PURCHASE DOCUMENT CONTAINS AN INDEMNITY CLAUSE

ENSURE YOUR LAND/BUILDING PURCHASE DOCUMENT CONTAINS AN INDEMNITY CLAUSE

An indemnity clause is a term in a land or house buying agreement where the seller confirms that the land or house is his own, that there are no legal issues over the land/building, that the purchase document fully transfers ownership from him to the buyer and agrees to pay the buyer for any losses or damage that may happen as a result of claims as to ownership or other interest on the land or house by a third party due to the seller’s negligence or his not disclosing facts which would lead to the buyer losing the land or house.

This would ensure that the seller has a duty to refund the buyer the purchase price and the value of funds spent on developing the land or house.

Every land purchase document should have an indemnity clause in it. The importance of the indemnity clause is that where the seller turns out not to be the owner of the said land, it becomes a case of fraud and the vendor attracts criminal liability to himself.

So be sure to have an indemnity clause in the land/building purchase document to secure your purchase price and improvements on the land.

When buying land, get a Property Lawyer to draft a comprehensive purchase document.
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APEX CHAMBERS, Law Firm of Property/Real Estate and Business/Corporate/Commercial Lawyers, Attorneys, Barristers, Solicitors and Notary Public with 18 years law practice experience and Law office in Port Harcourt, Rivers State, Nigeria.

Phone: +234(0)7030868694

Email: info@apexchambersglobal.com

Website: www.apexchambersglobal.com