This is general clause in sale deed. NO harm.
Any loss incurred by vendee by defective title
I wan clarity on following , i am vendor the vendor hereby assures and indemnifies the vendee from any loss,claim,dispute arising over the scheduled property or any defect in respect of title arising in future , the vendee shall have right to get losses, if any, recovered from the person and property of vendor question , is it ok to have this , what does loss meant
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
Dear sir,
This means that in case it is found out later that you were not having a clear title over the property (for eg. it is already sold or mortgaged or charged to someone else), then in such case any loss caused due to this fault of yours to the buyer (vendee) would be made good by you.
It is a standard clause in a sale deed. It is okay to have this clause if you have a clear title and you are not committing any fraud of the buyer.
Best wishes.
It's a general clause being included in the sale deeds. This clause is already there from whom you purchased. This class is included in the sale deed to assure that property is free from any defect and in case there is any defect, you are liable to keep the buyer indemnified. Need not to worry if there is no encubrance, change, lien on the property. Relax.
so it is purely related to title ? , then why should the word "any loss " mean , is it should be looked in the context of property title ? or does it mean ANY LOSS hapened to him ??, what about damages to flat does LOSS word cover any futur damages
This clause is absolutely legal and standard to be put into a sale deed.
If the seller sells a defective title then he is bound to compensate the buyer for the loss he may incur to defend title or to clear it.
Dear sir,
The term "ANY LOSS" cannot be read in isolation. It has to be read in the context of the entire clause. Here, "ANY LOSS is IN RESPECT OF TITLE" and NOT any other loss for eg loss due to natural disaster, ordinary wear and tear, diminishing of the market value of property etc.
You can count on us for this. There is absolutely nothing wrong in this clause. It will not harm you in the manner you are thinking right now.
Best wishes.
1. Yes this is formal paragraph and it has to be mentioned in sale deed as in case if the title of property is not clear or their is dispute in future regarding same from vendor side the purchaser can claim amount from seller .
Sir the clause makes it clear that it's regarding the title of the property and any loss here included the legal expenses or any other expenses which the buyer incur due to defective title.
1. Legally speaking, when you indemnify anybody relating to a immovable property, it is means losses arising from legal litigation /claims etc.... from any other legal heirs /third parties /statutory authorities ....
2. Personal losses or losses to property (say via earthquake, fire, demolition, default breaking down etc.... ) are not covered, unless specifically specified in the indemnity clause by value thereof.
It means you have to indemnify buyer in case of defect in title and in case any claims are received from third parties
it is standard clause in sale deed
Suppose there is demand from authorities regarding non payment of stamp duty or property taxes
you will have to pay
Loss means any dues against the property prior to purchase of the flat if borneby the buyer would be recovered from vendor.
An indemnity bond protects the person holding the bond from financial loss. In other words, the holder of the bond has the right to receive money from a party that agrees to protect the holder from losing money.
- As you have declare in the said deed, that being the owner of the said property , you have right to sell and transfer the same to the buyer i.e. vendee , hence by these sentence of the clause , the vendee wants to be sure that , if case your ownership having any fault or you have sell the same to any other person/s , then you being the seller i.e. vendor will be responsible for the said loss , and you will indemnity / refund the amount to the buyer .
- Yes, it is purely title related .
- If you are not owner of the said property and received the amount from the vendee i.e. purchaser , then it will be a loss to the purchaser , and that case , the vendor being the seller of the property will refund the loss and damage i.e. full amount plus expenditures etc .
It's that the person signing it indemnifies the other person for losses in future on the said property
This is an essential clause that has to be incorporated in the registered sale deed.
By this the vendor agrees to indemnify the vendee the losses that may occur due to false title or any other litigation which was not disclosed by the vendor now or which was not in the knowledge but has an impact on the vendor even before selling this property.
There is nothing wrong in this clause, it is a routine and common clause that will appear in all the sale deeds.
If there is a defect in title and due to tht if there is any litigation filed by any third person, then it becomes the duty of the vendor to compensate the losses the vendee may suffer due to the litigation or due to an adverse judgment affecting the purchase of property and creating great loss to the vendee.
Yes it is okay to have this clause it is a general clause of indemnity to indemnify any loss arise in future due to legal dispute between Previous owners or their legal heirs.
Yes it is okay to have this clause it is a general clause of indemnity to indemnify any loss arise in future due to legal dispute between Previous owners or their legal heirs.
Losses here mean tgat in case there is any dispute as to the title or ownership of the property and he is dragged into litigation then you would indemnify him.