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Hold Harmless Clauses...did You Sign One?

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Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
David Braun wrote an excellent article in the Real Estate Valuation Online which can be viewed here.

http://www.revmag.com/july/pdfs/11.pdf

http://www.revmag.com/july/pdfs/12.pdf

http://www.revmag.com/july/pdfs/13.pdf

It dealt with "Hold Harmless Claues". This has been discussed here before, but not in the detail Mr. Braun did. His article was eye opening to say the least. I'm not especially concerned about new clients or even cleints I've added in the past 2 years because I've become much more wary of late, what concerns me is companies I've been dealing with for over 5 years......what exactly did I sign? I hope to somehow compile a list of the larger companies that systematically do this and either dump them or notify them that their "Hold Harmless Clause" will not longer apply. Might need lawyer buddy on this one. Mr. Braun also raised the possibilyt that your E & O insurance might not cover you in the event of a lawsuit if the company had you sign one of those clauses. Frightening? Furthermore, there is at least one company I am aware of that has a popup version of the "Hold Harmless Clause" on their website when you visit it to update reports. I must belive that if suddenly some of these AMCs received hundreds or possibly thousands of notices that their "Hold Harmless Clauses" no longer applied, they might get the message.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
My lawyer says & my E&O says DO NOT Sign them.
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Never signed one...never will.

I keep detailed files of everything I sign, agreements made, and contracts signed for every client.

Kinda funny if the AMC's have created a situation for themselves in which they can't go after an appraiser's E & O Insurance don't you think?--talk about incompetent counsel!

-Mike
 

Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Maybe we could post the names of companies that have the HHC's? As far as I know, I have never signed one.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Bank of America--Home Focus Valuation Services is the most famous one.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
They sent me one, I didn't sign it, still getting work

Roger
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
NEW vendor contract from LSI..... just received it.
I hate it, they were one of my best AMC clients, but I'm not so sure I want/need to sign it.

"You shall indemnify and hold LSI harmless from and against any and all liabilities, damages, losses, cost and expenses (including attorney's fees), claims, and causes of action, arising out of your negligence or non-proformance of your duties and obligations hereunder, whether as a result of your negligence or willful misconduct.

All notices, demands, request, desigantions and consents given by either party hereto to the other party shall be in writing and shall be personally delivered or sent by express (next day) delivery service or by certified U.S. Mail, return receipt requested, addressed as follows:"
 

Tawfik Ahdab

Senior Member
Joined
Feb 19, 2003
Professional Status
Certified Residential Appraiser
State
Oregon
I wrote about that in one of my posts. it pertained to Sterling Capital Mortgage.

If any of you have had this experience, why not list the lender in this post. That'll start a list.
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
I'LL CHANGE MY PROFESSION TO GARBAGE COLLECTOR BEFORE I SIGN ANY SUCH THING. Sorry, just had to yell about this one.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
The other one that I have simply refused to do is send money to be "A preferred" or to be "Approved" as an Appraiser for Anyone. Almost everyone that has asked for money has Waived the condition. In fact I don't send "Sample" Appraisals I say give me an assignment if U like the work Great, if U don't we won't do anymore business. Ladies & Getlemen STAND UP as a PROFESSIONAL!
 
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