An experienced attorney and East Rockaway resident, Marc Rovner is the general counsel and director of business development at BETA Abstract LLC. With over three decades of legal experience, attorney Marc Rovner handles legal and business matters regarding title insurance at his company.
Title insurance refers to indemnity insurance protecting property buyers and lenders from financial loss resulting from a property title's defect. There are two forms of title insurance. One is the lender's title insurance, which protects the lender and is bought by the borrower. The second type is owner's title insurance. It's paid by the seller and safeguards the property buyer's equity. Selling a commercial or residential property is a complicated process, and title insurance is critical to a successful transaction. Title insurance delivers indemnification against losses that lenders and owners might experience pertaining to covered risks, including a prior deed mistake, outright fraud, or a hidden lien. A title can be “dirty” when there are unaddressed building code violations or inaccurate surveys associated with the property. As such, a title search is necessary to examine public records to verify the real estate property's legitimate ownership and determine if there is any claim on the property. Unlike traditional insurance, which aims to protect the buyer from future events, title insurance works to protect the property buyer from past occurrences and common claims including liens from conflicting wills, a home equity line of credit (HELOC), and mortgage loans. Furthermore, it protects against defects in real ownership or title of that specific real estate property.
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AuthorVice president, managing director of business development, and senior staff attorney at BETA Abstract, LLC Archives
January 2021
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