Indemnification
Indemnification is a contractual risk-shifting promise under which one party agrees to compensate another for specified losses or liabilities, often tied to third-party claims. In real estate transactions, indemnities often attach to environmental conditions, post-closing repairs, tax claims, or misrepresentations.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Contract negotiation; post-closing claims
- Property types
- All
Read more in the Knowledge Base
Risk and Liability Terminology
- Closing Protection Letter (CPL)
- Closing Wire Fraud / Business Email Compromise (BEC)
- Deed Fraud
- Directors and Officers (D&O) Insurance
- Errors & Omissions (E&O) Insurance
- Force Majeure
- Limitation of Liability
- Liquidated Damages
- Notice of Recorded Document (NRD) Monitoring
- Recording Gap Risk
General information, not legal, tax or financial advice.