Environmental
What is an 'environmental indemnification' clause in an Idaho commercial real estate contract?
AA government guarantee of clean property
BA contractual provision where one party agrees to protect and compensate another party for environmental liabilities✓ Correct
CA clause requiring environmental insurance
DA waiver of all environmental disclosure requirements
Explanation
An environmental indemnification clause allocates risk between buyer and seller for environmental liabilities. Sellers often agree to indemnify buyers against pre-existing contamination, or buyers agree to accept the property with known contamination.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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