If the title deeds to a Property have been lost destroyed or mislaid you may require an indemnity. This is because someone may establish, or attempt to establish, that they have some rights over the property arising from the lost title deeds and they may also demand some form of damages and compensation.
Here the indemnifier assures that he is the real owner of the property and if in case in future any one tries to temper with the title of that property and the indemnity holder occurs loses then indemnifier will indemnify all the losses incurred.
Why Draft Indemnity for loss of title deeds?
- To keep indemnified the buyer of the property.
- To legally enforce the arrangement between the two parties.
- To guarantee the purchaser that the indemnifier has the proper tittle towards the property.
- And binding the indemnifier legally to make the good in case loss incurred.
- Guarantee of payment in case loss is incurred.
- Binding on both the parties.
- Showing better title towards the property in dispute.
- Assuring the purchaser that no other party can contest of having true ownership.
You need to keep in mind the following details
- Complete Name &Address of the indemnifier.
- Complete Name &Address of the Purchaser.
- Description of the land
- Proper title papers
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