VA Estate Indemnity--Intestate
THIS AGREEMENT made in triplicate this _____ day of ___________________ 2_________ by and
between ___________________________ _____________hereinafter called "Seller" and STEWART TITLE GUARANTY COMPANY, its successors and assigns, hereinafter called "Insurer";
WHEREAS, Insurer has been requested to issue its policy or policies of title insurance insuring the
title to property situated in _____________________________West Virginia, briefly described as follows:
AND WHEREAS, the property was formerly owned by__________________________________
deceased, who died on ______________; and
WHEREAS, the Estate of said deceased has not been settled and said property is subject to debts, if any, against the estate of the deceased; and
WHEREAS, the property is subject to possible estate and inheritance taxes; and
WHEREAS, the title to the property is subject to the probate of a will of the deceased, within the period prescribed by law; and
WHEREAS, Insurer has refused to issue such policy without exception to the above matters, unless indemnified as herein set out;
NOW, THEREFORE, Seller does hereby agree to indemnify said Insurer against any and all loss, costs, damage, charge, liability or expense, including court costs and attorneys' fees, which it may sustain or be put to due to the issuance of owner's or mortgagee policies of title insurance on the property by reason of (1) there being an attempt (a) to subject said property to the payment of debts against the estate, or (b) to subject the property to the payment of estate or inheritance taxes, or (c) to probate a will of the said deceased, during the period within which the title would be affected by the probate of such will, or (2) the property being (a) subjected to the payment of debts against the estate of the deceased, or (b) subjected to the payment of estate or inheritance taxes, or (c) affected by the probate of a will of said deceased, or (3) unmarketability of the title to the property on account of the fact that same is, or may be (a) liable for debts or possible debts against said estate, or (b) liable for estate or inheritance taxes, or possible estate or inheritance taxes, or (c) affected by the probate of a will of said deceased.
FURTHER, in consideration of the premises, the parties hereto mutually covenant and agree as follows:
In consideration of Insurer accepting the risk of insuring the title to the property to Seller's purchasers, Seller herewith pays to Insurer an ?extra hazardous premium? in the amount of $________________. This premium is non-refundable, in whole or in part; Seller and insurer acknowledge and agree that the premium is not and shall not be deemed the limit of Seller's liability in the event of a claim against the title asserted through the estate of the decedent.
(a) That Insurer shall have the right to pay, in the event that, in the sole and arbitrary opinion of the Insurer, it becomes necessary to the defense, without obligation to defend, of any claim or claims, as aforesaid, which may be asserted, or to the satisfaction of any such claim or claims, or to the establishment of the title as insured by the policies of Insurer on account of such matters.
(b) In the event Insurer pays any sums in defense of the title as aforesaid in paragraph (a), Insurer shall promptly notify Seller or the extent and nature of any such sum, whereupon Seller shall promptly reimburse Insurer in full for the sums so paid.
(c) Payments to the Insurer under (b) above shall be by cashier's or certified check of the Seller on the demand in writing of the Insurer.
IN WITNESS WHEREOF, the parties hereto have duly signed and sealed this instrument in triplicate.
STEWART TITLE GUARANTY COMPANY INSURER
Estate Tax Identification Number, or Seller's Social Security number to be used for reporting to Internal Revenue Service:
No guidelines are available for this form at this time.