Legal Question in Real Estate Law in New York

what does indemnity mean?
My sister and i owned the house our mother lived in. Our mother tried to illegally sell the house without our knowledge. When we found out, a whole mess started. We had to have their contracts amended. Now, the new owner of the house pays the mortage, while my sister and my name still remains on the deed. This was an UNWILLING agreement. however, the mortage company is now telling me the current owner of the house has not paid the mortage in months, and now its in foreclosure status! On the contract, it says ''buyer shall agree to imdemnify seller for loss or damage'' etc. What does this mean? Can I use this to protect myself and my sister?? I don't have the resources to sue, but can I use this ''indemnity'' clause on the contract for my benefit? Someone told me I can sue the new owner. I dont have the money to hire a lawyer to sue anyone, but I need this fixed, because I feel they (my mother) are going to once again illegally use my name and social to drag me thru the mud. Please help me!! Thank you!

Asked on 6/11/08, 8:07 am

Michael Markowitz Michael A. Markowitz, PC

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Re: what does indemnity mean?

The indemnification clause means that if you and your sister pay the mortgage, you can seek damages from the new owner.

Mike.

Answered on 6/11/08, 8:56 am

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