What is a property access and indemnity agreement?
A property access and indemnity agreement grants a prospective buyer temporary permission to enter a property for due diligence inspections while protecting the owner from liability. CaseMark generates these agreements with comprehensive indemnification clauses, insurance requirements, and inspection limitations tailored to your transaction.
How long does it take to draft an access and indemnity agreement?
Manual drafting typically takes 2-3 hours to customize templates and ensure proper liability protections. CaseMark reduces this to approximately 8 minutes by automating the drafting process while maintaining comprehensive legal protections and customization options.
What insurance requirements should be included in a property access agreement?
Access agreements typically require commercial general liability insurance with the property owner named as additional insured. CaseMark automatically includes customizable insurance provisions with appropriate coverage limits and additional insured requirements based on your transaction needs.
Can I limit the types of inspections allowed under the agreement?
Yes, access agreements should clearly distinguish between non-invasive testing (Phase I assessments, surveys) and invasive testing (soil borings, groundwater testing). CaseMark includes customizable inspection scope provisions that allow you to specify permitted activities and require prior consent for invasive procedures.
What happens if the buyer damages the property during inspections?
The agreement should include restoration obligations requiring the buyer to repair damage and restore the property to its prior condition. CaseMark automatically incorporates property restoration clauses and indemnification provisions to protect owners from inspection-related damages and liabilities.
How much notice should buyers give before entering the property?
Notice requirements typically range from 24 to 48 hours depending on the property type and owner preferences. CaseMark allows you to customize notice periods and entry procedures to balance the buyer's due diligence needs with the owner's operational requirements.
Should confidentiality provisions be included in access agreements?
Yes, confidentiality clauses protect sensitive property information discovered during inspections. CaseMark automatically includes confidentiality provisions to prevent buyers from disclosing proprietary information about the property, operations, or tenants obtained during due diligence.