The Title Insurance Indemnity Agreement serves as a critical risk management tool in U.S. real estate transactions where specific title defects have been identified but can be managed through indemnification rather than remediation. This document is typically used when a title insurance company discovers potential issues during the title search process but is willing to provide coverage if properly indemnified against potential losses. The agreement outlines the specific title defects being indemnified, the scope of protection, and the claims process, while ensuring compliance with both federal regulations and state-specific insurance laws. It's particularly important in transactions where time constraints or practical considerations make immediate reºìÐÓÖ±²¥ of title issues impractical.
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1. Parties: Identification of the insurer, indemnitor, and indemnitee
2. Background: Context of the title defect or issue requiring indemnification
3. Definitions: Key terms used throughout the agreement including relevant legislative references to RESPA, Dodd-Frank, and state-specific requirements
4. Indemnification Scope: Specific details of what is being indemnified and the extent of coverage
5. Duration: Term of the indemnification agreement and any renewal provisions
6. Claims Process: Procedure for making and handling claims, including notification requirements and timeframes
7. Governing Law: Applicable jurisdiction and choice of law provisions, including reference to relevant state insurance laws
1. Security Provisions: Additional security requirements for the indemnification, used when additional financial security is required
2. Insurance Requirements: Specific insurance obligations of the indemnitor, used when additional insurance coverage is needed
3. Assignment: Rights and restrictions regarding assignment of the agreement, used when transfer rights need to be specifically addressed
1. Schedule A - Property Description: Legal description of the property affected by the title insurance indemnity
2. Schedule B - Title Defect Details: Specific description of the title defect or issue being indemnified against
3. Schedule C - Supporting Documents: Relevant title searches, surveys, or other supporting documentation
4. Schedule D - Financial Requirements: Any specific financial obligations or security requirements for the indemnification
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