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We are purchasing a foreclosed house -- finally got word from the Bank (Seller) that they have accepted our offer (Yay!).
Today they sent us some paperwork. One item is a 2-pg "Water Damage, Toxic Mold & Environmental" release/disclosure/indemnification, basically stating that the property may have mold and other related environmental problems -- our signature will release them from any liability.
I'd like to know if this type of indemnification is standard for foreclosed properties?
We are purchasing a foreclosed house -- finally got word from the Bank (Seller) that they have accepted our offer (Yay!).
Today they sent us some paperwork. One item is a 2-pg "Water Damage, Toxic Mold & Environmental" release/disclosure/indemnification, basically stating that the property may have mold and other related environmental problems -- our signature will release them from any liability.
I'd like to know if this type of indemnification is standard for foreclosed properties?
It actually can be typical for any type of property. I always send one for lead based paint.
Location: Danbury CT covering all of Fairfield County
2,636 posts, read 7,431,255 times
Reputation: 1378
It's typical. Make sure that you get a building inspection.
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