What Does Title Insurance Cover?

Real estate experts encourage all property buyers to purchase title insurance to protect their investments. During most real estate transactions, a title company or an attorney conducts a title search to ensure that there are no errors or debts on the property. However, even after a thorough title search, mistakes or errors can result in serious financial losses for new property owners. Title insurance covers claims that arise after the sales transaction has closed. These claims may come from heirs or creditors who have liens against the property. Other legal issues may result from filing errors.

Title insurance for the property owner and mortgage lender costs a maximum of 1 percent of the purchase price. After the upfront payment, policyholders are covered for costs related to any of the following scenarios. A property can be used as collateral for a loan. In this situation, the lender places a lien on the property. If the original loan holder does not pay off the loan, the balance is taken from the value of the property.


Contractors use liens to obtain payment for renovations or construction work. A failure to pay property taxes may also result in a lien. These liens are connected to the title and are transferred to the new owner when the property is sold. While liens are usually noted in public records, there are times when a lien may not be discovered until after the sales transaction is complete.


Title insurance also protects policyholders from claims on the property made by previously unknown heirs. By law, all heirs have the power to veto the sale of a property. If the seller did not notify the heirs before the sale, they may have the authority to reclaim the property. However, title insurance covers any legal expenses related to the claim fight and financial judgments to the heirs. Errors on deeds or titles can cause difficulties for property buyers. Mistakes may appear on these legal documents due to human error, forgery, or missing papers. Since banks use this information to calculate mortgage amounts, inaccuracies can severely delay the buying process. A common issue is a gap in the chain of title or the historical record of all previous homeowners. This can increase the chance of a property owner encountering unforeseen obstacles or errors.


Additionally, criminals can forge ownership documents for properties they do not own and sell them to unsuspecting buyers. Criminals also may use the property owner’s identity to fraudulently take out loans against the property. In either case, title insurance can protect policyholders from related financial losses. While title insurance covers a broad range of deed- and title-related problems, some conditions are excluded from coverage. For example, financial losses due to regulations that restrict the use of a property, such as zoning laws, are not covered.
Title insurance policies also do not cover legal problems caused by the policyholder. In addition, damage from fire, natural disasters, or accidents is not covered. For these reasons, property buyers are advised to purchase other forms of home insurance alongside title insurance.

How Residential Title Insurance Indemnifies Against Risk

Marc Rovner is an East Rockaway, New York-based attorney who works with BETA Abstract LLC, where he informs legal operations at the title insurance business. Among Marc Rovner’s activities in the East Rockaway area is providing continuing legal education in the area of title insurance and real estate law. Attorney Marc Rovner was also recently awarded the 2019 Martindale-Hubbel Client Champion Award for the fifth consecutive year.

As described by the National Association of Insurance Commissioners, title insurance is a type of indemnity policy that offers mortgage lenders and home buyers with protection in case unknown defects arise in the property title, during or after a real estate transaction closing. This backward focus is unlike standard policies that look toward future events, such as life or home insurance.

Issues protected against by title insurance include things like outstanding liens and unpaid taxes associated with a prior owner of the property. Another area of protection is encumbrances such as fraud, forgery, omissions in deeds, and record mistakes that can present a challenge to the right of ownership for the new owner.

The complexities inherent in property ownership, over periods extending decades, means that nearly every lender requires that any home buyer taking out a mortgage must purchase a title insurance policy. This policy covers an amount equivalent to the loan and indemnifies both the buyer and lender against risk.

Penn State THON Raises Over $10.6M This Past Weekend

Kristen Peterson is a senior at Penn State University, where she studies Public Relations and Business. She has also been member of the Public Relations Student Society of America THON committee for her last 2 years at Penn State.

THON is a student-run philanthropy committed to enhancing the lives of children and families impacted by cancer. Its mission is to provide emotional and financially support, spread awareness and ensuring funding for research, all in pursuit of a cure. THON is the largest student-run philanthropy in the world. “FTK” stands for the kids!

Traditionally, Penn State hosts thousands of dancers and students who gather at the Bryce Jordan Center. The BJC is the home base for THON, where volunteers stay committed on their feet for an entire 46 hours straight. The awareness and donations raise money for pediatric cancer research.

Due to COVID-19, those dancers participated from their own homes this year. Over the past 47 years, the dance marathon has raised over 178 million. The money raised helps children and their families fight cancer. This year, $10, 638, 078.62M was raised!

How Divorce Impacts Children

East Rockaway, New York-based attorney Marc Rovner has led the multistage legal department for Beta Abstract LLC, a title insurance company, for more than almost two decades. In addition to his work as an attorney, Marc Rovner supports several child welfare charities, including the Children’s Rights Council. The organization provides resources to help families minimize parental conflict during divorce.

Divorce is always difficult for children. When parents separate, much of their children’s daily lives and routines are disrupted. The children may have to change schools, move, or travel between two houses. Some children may feel responsible for the divorce, while others feel angry and resentful.

Divorce can weaken the bond between the child and the noncustodial parent. All of these changes can manifest as poor academic performance, risk-taking behaviors, and mental health issues. Parents who separate peacefully and continue to cooperate in their parental obligations can reduce the stressors felt by their children. If necessary, parents should work with a therapist or social work to support their children.

The Title Search Process In New York

Attorney Marc Rovner serves as the director of business development and general counsel for the title insurance firm of Beta Abstract LLC, which operates near East Rockaway, New York. In this role, Marc Rovner oversees attorneys at offices in six locations throughout New York, New Jersey, Florida and Connecticut soon!


BETA Abstract provides all types of title-related services, such as title insurance. Insurance is essential to protect property buyers against any issues not discovered in a title search. Title searches are performed before a real estate transfer is finalized. In a search, an attorney or other professionals look through public records to determine if any problems can stop the sale of property.


Title searches can uncover problems such as unpaid liens, additional owners, and fraudulent paperwork. Prospective buyers may also discover land-use restrictions that can impact their plans for the property. Performing a title search before completing the real estate transaction allows buyers to reconsider their offer if they feel it is necessary.

What Does Title Insurance Cover?

Real estate experts encourage all property buyers to purchase title insurance to protect their investments. During most real estate transactions, a title company or an attorney conducts a title search to ensure that there are no errors or debts on the property. However, even after a thorough title search, mistakes or errors can result in serious financial losses for new property owners.

Title insurance covers claims that arise after the sales transaction has closed. These claims may come from heirs or creditors who have liens against the property. Other legal issues may result from filing errors.

Title insurance for the property owner and mortgage lender costs a maximum of 1 percent of the purchase price. After the upfront payment, policyholders are covered for costs related to any of the following scenarios.

A property can be used as collateral for a loan. In this situation, the lender places a lien on the property. If the original loan holder does not pay off the loan, the balance is taken from the value of the property.

Contractors use liens to obtain payment for renovations or construction work. A failure to pay property taxes may also result in a lien. These liens are connected to the title and are transferred to the new owner when the property is sold. While liens are usually noted in public records, there are times when a lien may not be discovered until after the sales transaction is complete.

Title insurance also protects policyholders from claims on the property made by previously unknown heirs. By law, all heirs have the power to veto the sale of a property. If the seller did not notify the heirs before the sale, they may have the authority to reclaim the property. However, title insurance covers any legal expenses related to the claim fight and financial judgments to the heirs.

Errors on deeds or titles can cause difficulties for property buyers. Mistakes may appear on these legal documents due to human error, forgery, or missing papers. Since banks use this information to calculate mortgage amounts, inaccuracies can severely delay the buying process.

A common issue is a gap in the chain of title or the historical record of all previous homeowners. This can increase the chance of a property owner encountering unforeseen obstacles or errors.

Additionally, criminals can forge ownership documents for properties they do not own and sell them to unsuspecting buyers. Criminals also may use the property owner’s identity to fraudulently take out loans against the property. In either case, title insurance can protect policyholders from related financial losses.

While title insurance covers a broad range of deed- and title-related problems, some conditions are excluded from coverage. For example, financial losses due to regulations that restrict the use of a property, such as zoning laws, are not covered. Title insurance policies also do not cover legal problems caused by the policyholder. In addition, damage from fire, natural disasters, or accidents is not covered. For these reasons, property buyers are advised to purchase other forms of home insurance alongside title insurance.

Trends Impacting the Long Island Housing Market in 2021

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In many ways, the residential real estate market in Long Island, New York, mirrors house buying trends nationwide. While open houses were paused in early 2020 due to the public health crisis, the market rebounded tremendously. Limited inventory, historically low interest rates, and the entrance of millions of millennials into the home buying market have caused home prices to rise.

When New York State lifted the ban on property visits during the summer of 2020, pent-up demand contributed to a seller’s market on Long Island. Stay-at-home orders encouraged many people living in small, expensive apartments to search for more spacious single-family homes. Families needed extra space for working at home and homeschooling their children. The desire for outdoor space also drove many New Yorkers to the suburbs. At the same time, many Long Island sellers removed their homes from the market because of economic uncertainties.

Listings in the New York City suburb of Long Island fell by a third in the wake of the pandemic. Real estate experts attribute this drop to the fears of older homeowners who do not want to downsize or remove the equity from their homes during a financial downturn.

Further, those who want to stay in Long Island worry they will not be able to secure a new property. Some experts recommend taking a short-term lease, such as an Airbnb, before reentering the real estate market. Since prices are so high, buying in this market would eat into a home seller’s profit.

The combination of increased demand and low inventory has resulted in bidding wars for available properties. Many counties saw record-breaking figures for median home prices and sales.

For example, in December 2020, median home prices in Nassau County reached an all-time high of more than $600,000, a figure that has dropped slightly since the first quarter of 2021. Between February 2020 and February 2021, median home prices in Suffolk County jumped by more than $70,000. While home sales have slowed since the high point in December 2020, sales are still much higher than before the pandemic.

Less than 1 percent of Long Island homes sold for under the listing price. Anecdotally, some agents have witnessed dozens of offers on a single property and bidding wars that pushed the sales price more than 30 percent above asking.

In addition, competition between buyers has led to sweetened deals for sellers. Some buyers are agreeing to cover all closing costs or moving expenses. Year-over-year, the average sales price of a detached home on Long Island increased by more than 15 percent. While homes spend a little more than a month on the market on average, well-located properties sell in a few days.

The housing crunch has led to the rise of another trend – buyers are turning to new-built homes due to the dearth of older homes. However, land is also in short supply on Long Island, and the high cost of construction makes this option unattainable for many buyers. However, the conditions are ideal for builders and may spur a construction boom.

The Children’s Rights Council Mediation Program

CRC logo

An award-winning attorney, Marc Rovner of East Rockaway, New York, serves as director of business development and general counsel at BETA Abstract LLC. Outside of supervising the firm’s legal department, attorney Marc Rovner supports a number of charities, including the Children’s Rights Council.

Incorporated in 1985, the Children’s Rights Council works to ensure that children enjoy meaningful relationships with their parents, no matter their parents’ marital status. In addition to facilitating positive interactions between children and their parents, the organization advocates for custody reform and administers a mediation program.

CRC’s mediation program can be either a court-ordered or a voluntary process, initiated by one or both parents and guided by a neutral third party. The mediator oversees the discussion and negotiation process to provide clarity and reach a consensus that is beneficial for the child or children involved. Although not involved in decision making, the mediator can suggest solutions and help both parties ease their concerns.

Following mediation, the mediator also helps both parties in finalizing the written agreement.

A Look at the Martindale-Hubbell Marketing Network

Marc Rovner, an accomplished attorney and graduate of the Boston University School of Law, is a lifelong New York Giants fan and season ticket holder. A resident of East Rockaway, Marc Rovner works professionally as a Continuing Legal Education instructor, in addition to service as general counsel and director of business development at BETA Abstract in Oceanside.

Martindale martketing network

Over the course of his career, Mr. Rovner has claimed a number of awards through the Martindale-Hubbell legal network. These include the 2017 and 2018 Client Champion Silver Distinction Award in addition to other awards in 2015 and 2016 from other online legal resources within the Martindale-Hubbell network, which attracts more than 23 million visitors on a monthly basis. The network includes the following resources:

*Martindale-Hubbell – This resource has connected clients with attorneys since its founding in 1868 and has built more than 40,000 attorney websites to date.

*Lawyers.Com – A brand that helps clients identify top-quality attorneys via online profiles of individual lawyers and law firms. In addition, Lawyers.com provides a wide range of educational resources and content.

*Avvo – Another resource dedicated to connecting clients with attorneys, Avvo provides an attorney directory on top of profiles, reviews, ratings, an online forum, and other resources.

*Martindale-Nolo – A lead-generation service that draws on an extensive legal marketing network that includes DisabilitySecrets.com, Nolo.com, and AllLaw.com, among others.

*Martindale-Ngage – A support-focused resource that provides around-the-clock chat service for clients visiting law firms’ websites or Lawyer.com attorney profiles.

Business Development Tips for Title Insurance Companies

Attorney Marc Rovner of East Rockaway, New York, is the general counsel and director of business development at BETA Abstract LLC, a title insurance company headquartered in Oceanside. Marc Rovner has been a senior staff attorney for BETA Abstract for more than two decades. His responsibilities include managing and integrating business development in five offices and three states.

Title insurance companies require the expertise of business development representatives to implement winning strategies that will boost insurance sales.

One of these evergreen strategies is establishing an online presence. In this generation of widespread digitization and internet usage, title insurance companies cannot afford to neglect the importance of having a user-friendly website or mobile app that communicates their values and services to clients. Potential customers are increasingly relying on their internet-enabled devices to do almost everything from shopping for clothes and accessories to renting homes.

Social media and search engine optimization are also vital to improving outreach efforts. Title insurance providers should create educational and fun content around their services and promote that content widely.

Martindale-Hubbell Client Champion Award

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An attorney in East Rockaway, New York, Marc Rovner has served as general counsel and director of business development at BETA Abstract for nearly 20 years. Marc Rovner’s achievements as an attorney garnered him recognition as a Martindale-Hubbell Client Champion at the platinum level in 2019, 2020 and 2021

A respected law sector information services company, Martindale-Hubbell has been listing the best attorneys in the United States since 1868. It has been collecting client review ratings since 1896.

Martindale-Hubbell introduced the annual Client Champion awards in 2017 to recognize attorneys who excel at client service. The organization distributes awards at three levels that give the public a solid understanding of the real-world experience that clients have had with particular lawyers.

The three levels represent different amounts and standards of client feedback. Silver Client Champions have received a minimum of three client reviews and an average client rating of at least 4.0. Gold Client Champions have at least six client reviews with a minimum average client rating of 4.2, and Platinum Client Champions have at least 10 client reviews with a minimum average client rating of 4.5.

How to Eat like a Native in Barcelona

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Barcelona
Image: whatbarcelona.com

A native of East Rockaway, New York and a magna cum laude graduate from Boston University, attorney Marc Rovner serves as general counsel and director of business development for BETA Abstract LLC. In his free time, Marc Rovner enjoys traveling, and claims Barcelona as his favorite city.

Food and meals play an important role in Barcelona social life. As a result, the city offers delicious, enticing cuisine to visitors. To eat like a native, start with a light continental breakfast, usually found in bars. Most residents drink café con leche or a cortado as well as a croissant or other breakfast roll.

Lunch is the most important meal of the day and tends to include three to four courses, beginning with soup or salad, followed by a meat dish, and topped off with a light dessert of fruit, yogurt, or crema catalana. Lunch is always served with bread and wine and between the hours of 1:30 to 4. Finally, dinner tends to be lighter fare, with many indulging in tapas. One famous snack is pa amb tomaquet, bread rubbed with olive oil and tomato and served with cheese and cold cuts. Most Catalonians eat around 10 at night but restaurants are opened earlier.

Be warned: many restaurants are closed on Sundays and Mondays. Also, visitors looking to get authentic cuisine should avoid places in La Rambla.

What Is a Title Closer?

The recipient of several Lawyers.com client distinction awards, East Rockaway, New York, attorney Marc Rovner specializes in real estate and title insurance. In addition to serving as the general counsel attorney for BETA Abstract title insurance, Marc Rovner has taught a title closer’s course at Hofstra University.

Title closers are legal professionals who are involved in the later stages of real estate transactions. These individuals review contracts and public records to ensure that titles are free of liens or other defects. Title closers are also responsible for managing any necessary monetary transfers to finalize the deal.

Most title closers possess at least a high school diploma and have completed additional coursework in real estate law, tax law, and business. Several universities also offer title closing certifications. Since many of their responsibilities include validating documents, title closers are also advised to register as notary publics. They may be employed by real estate companies, title firms, and other related industries.