Hold Harmless Clause
Definition of "Hold harmless clause"
A contractual clause where one party assumes a liability risk for another. Thus, a hold harmless clause effectively indemnifies the named party from any liability by transferring the risk to another. For example, John agrees to lease a retail store from Brian under the condition that John will be held harmless from any structural liabilities.
Popular Real Estate Terms
Rating used by lenders and creditors to determine if a credit applicant should be granted credit. It depends on many factors such the applicant's job history, earnings, net worth, etc. Some ...
A written mortgage document. A mortgage instrument states the terms of the mortgage including the interest rates, length of payments, payment dates, and remedies the bank is entitled to in ...
An agreement in which the trustee takes title of the property ( called corpus) owned by the grantor (donor) to protect or conserve it for either the grantor or the trust's beneficiary. The ...
The definition of an open-end mortgage underlines the fact that the mortgage or trust deed can be increased by the mortgagee (borrower). The mortgagee may secure additional money from the ...
Mortgagor's signed statement that the stated remaining balance of a mortgage is correct and it is a property lien. This prevents a mortgagor from later stating the facts were ...
Multistory, nineteenth-century house featuring turrets, high chimney, and decorative trim. ...
If you’re looking for the real estate agent definition, you’re in the right place. So, in the following paragraphs, we will try to examine the complex job of a real estate ...
The meaning of plot refers to a parcel or a small lot. A plot is essential in determining the land cost. Additionally, it defines a diagram or schematic drawing of a building or piece of ...
Statement made verbally. It is better legally to have a written statement because verbal ones without witnesses may be denied. ...
Have a question or comment?
We're here to help.