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.

U.S. Housing Shortage Will Be Around Much Longer

The housing shortage that began before the pandemic will stick around for a long time as market demand soars,experts say. 

As the economy continues to improve post pandemic, we’re going to see mortgage rates move up. However, the lack of supply and the overwhelming demand is something that will be with us for years to come. We are even seeing that home purchase applications and mortgage applications to refinance a home both are dropping, even though mortgage rates dipped. 

We are at multi-year lows as far as new and resale inventory and it’s going to be very difficult for us to make up the shortage. Home prices in the U.S. have risen significantly during the coronavirus pandemic, as booming interest for houses coincided with low inventory for sale. This has ignited affordability concerns from some observers who worry especially about first-time buyers being priced out.

One possible bright spot in the near term is that, in June, new listings had increased 5.5% year over year and 10.9% compared with May.  Historically, low listings have been seen between May and June.

The low mortgage rates seen during the pandemic are a factor to consider when assessing the market, experts said.

Condominium Tragedy Sparks Lawsuits

The Surfside tragedy of June 24 has provided a dire warning to condominium and cooperative board members everywhere not to neglect their responsibilities to preserve and protect the buildings that they manage and the health and safety of their occupants.

Lawsuits have already been filed against Champlain Towers South Condominium Association Inc. and its managers. The condominium’s architects, engineers and local government may also be litigation targets.

Board members are fiduciaries who are entrusted with the obligation to preserve and protect the value of the property that they manage. They are charged by state and local laws with the duty to maintain their buildings in good repair. These obligations are designed to protect the building residents and guard against dangers to their health and safety.

Traditionally, a board member is charged with the responsibility to act as a reasonably prudent person would act in similar circumstances. A deviation from this standard is the basis for a negligence claim.

Basic Baseball Hitting Techniques

Baseball can be intimidating to first-time batters. However, with a little teaching and practice, beginners can get familiar with the game. There are different methods to hit a baseball due to the various stances and setups. But, the moment a batter makes contact with the ball, the role of posture is completed. Therefore, aA first-time hitter must learn proper posture and other pertinent mechanisms to hit the baseball effectively.

Eye contact is the most basic technique to master. This technique is crucial because the ballpark will be noisy and crowded. As a result, the hitter must concentrate on the ball to achieve a solid hit out of it. When the hitter is up to bat, they should not be concerned by the scoreboard, the shortstop, or other distractions.

Beginners in baseball must remember to keep their movement to a minimum when hitting the ball. Doing this reduces the amount of space for error, which will help them enhance their gaming performance. That implies the batter’s posture must be such that the pitcher’s ability to interfere with their timing is minimized.

The “Put out the fire” is a classic baseball training practice. Besides the arms, this practice focuses on the remainder of the body. Rotating the body generates enough power to propel the ball. As a result, the “Put out the Fire” Drill aids in the development of rotational power in the batter. The batter grips a bucket of balls as though they’re ready to throw water on a “fire” in this practice. However, the hitter will go through their swing, and the balls will fly clear out of the bucket if everything is done correctly. To put it simply, the hitter is focusing on rhythm while loading and dumping the balls in the direction of their rotation, effectively “putting out the fire.”

A beginner batter should also learn how to take a simple batting stance. As they stand in the batter’s box, the batter has both feet parallel and shoulder-width apart. They must bend their knees slightly and grip the bat vertically (slightly slanted) stance over their rear shoulder. In addition, the head must always be pointed in the direction of the pitcher.

Having excellent hand placement allows a batter to swing the bat consistently. To put it another way, the hand should be as near as possible to the locked-in position (close to the back). The batter’s hand, front elbow, and rear elbow should all be relaxed in this position. After the batter has relaxed and the pitcher has thrown the ball, the batter should transfer their weight forward, swing, and smash the ball as hard as possible. They should keep in mind that the top hand’s palm should face down, while the bottom hand’s palm should face up.

Beginners are typically advised to use a lighter bat to get accustomed to hitting the ball. While all bats come in various shapes and sizes, it’s crucial to ask the coach which bats they prefer. In addition, the hitter must purchase and use a bat that complies with baseball standards.

As they grab the baseball bat, the batter’s right and left hands should contact. The batter’s fingers are not cramped because the grip is loose until the swing motion tightens it. While swinging is a basic movement, there is an effective technique to do it at the ballpark. The hitter should first get into a comfortable position before focusing on the pitcher who has the ball. The batter can then swing with his head motionless once they have timed their stride appropriately.

It takes a lot of strength to hit the ball. To execute this successfully, the batter will require arm strength and excellent timing. Powerful striking may be acquired by continually practicing their hits and strengthening their arms via various exercises and drills.

Home Prices Rise Tremendously by 15.4%

Home prices have increased by a whopping 15.4%. From just April 2021 to May 2021 alone, they have gone up 2.3%. The last time we have seen such an increase was in May of 2005!

This market is ideal for homeowners, since the growth is impeding the market. This is mainly due to many prospective sellers holding off on putting their homes up for sale. In addition, this type of market is also beneficial in keeping mortgage rates low, resulting in a lack of inventory. It has led to tough competition from bidders and is keeping many first-time home buyers waiting on the sidelines.

According to experts, first-time buyers are unable to make progress in many places around the U.S. as the pace of increasing home prices outpaces the benefits of lower borrowing costs. While still on the increase, home prices are predicted to grow by just 3.4% by May of 2022.

We are seeing that there are demand and supply imbalances fueled by a drop in mortgage rates to less than one-half what they were in 2005. This, along with a scarcity of homes for sale, has contributed to the increase in sale prices.

Top 5 Places to Visit in Tampa, Florida

Tampa is a city on Tampa Bay, along Florida’s Gulf Coast. A major business center filled with cultural family vacation destinations!

While there are many amazing activities and places to try out, here are Beta Abstract’s Top 5 Things to Do in Tampa, Florida:

1.) Busch Gardens Tampa

Busch Gardens Tampa is a world-renowned amusement park and one of the best things to do in Tampa, Florida, that offers a wide variety of fun activities and adventures for the entire family. It features an array of exclusive park experiences, live entertainment and shows, themed rides and special kids’ attractions. There are also a wide variety of restaurants, cafés, bars, and shops. There, you can grab a yummy bite to eat or maybe hit the shops with friends and family. You can have fun here no matter what age you are!

Busch Gardens Tampa Bay, Tampa - Book Tickets & Tours | GetYourGuide

2.) The Tampa Riverwalk

The Tampa Riverwalk is a beautifully maintained pedestrian pathway that runs along the Hillsborough River and connects downtown Tampa with the city’s waterfront. On your walk, you will be able to find several public parks, a variety of hotels, museums, restaurants and other entertainment venues. The most notable attractions being the Florida Aquarium, Channelside Bay Plaza, Cotanchobee Fort Brooke Park, and the Historical Monument Trail. The riverwalk has so much to choose from whether your looking for beautiful views, simple entertainment, or just eager to learn about the history of Tampa and Hillsborough County.

Downtown Hotels Tampa | Sheraton Tampa Riverwalk Hotel

3.) Tampa Bay Food Tours

If you’re a foodie you’re going to love this one! Tampa Bay Food Tours take groups of up to 12 people on a three and a half hour walking tour of the Tampa region’s best food and beverage options. Here, you will be able to sample amazing food, wine, and craft beer from the area’s best restaurants. They are known for giving a personalized experience of Tampa’s downtown riverfront districts, stopping at four to five local favorite restaurants. This is a tour you’re definitely not going to want to miss out on!

Tampa Bay Food Tours: Eat. Drink. Local

4.) Tampa Zoo at Lowry Park

Tampa’s Lowry Park Zoo features more than 2,000 animals in natural habitats. These animals are from Africa, Asia, and Australia, as well as native Florida habitats. In addition to the array of animals, there is also a large aquarium and three pools that contain local manatees that are injured or sick. The most popular attraction is the “backstage” meet and greet with the penguins and tortoises. There, visitors also have the opportunity to feed an Indian rhino. Guests can also hop on a safari ride through the African habitat. If you love animals, this is a must for you!

Lowry Park Zoo in Tampa Florida » HereForTheBeer.com

5.) Head to the Beach!

It’s always important to make time to relax on vacation. The Tampa area beaches are some of the finest in the nation—winning awards for everything from sand quality to environmental management. Three famously known beaches are Caladesi Island, Clearwater Beach and Fort DeSoto Park. Here, you can dig your toes in the white sand or check out the immaculate Gulf of Mexico waters. Going to a beach in Tampa is a must for any visitor!

Honeymoon Island

NYC Rental Market is Set to Catch Fire

According to experts, New York City’s rental market is set to catch fire. The city is now seeing its rental prices and inventories begin to recover from the pandemic-level lows. 

The rental market is very much correlated with the job market in that the lower the unemployment rate, the higher the rental rate. Due to the pandemic, a lot of tenants moved out of the city. Since then, new tenants have moved in to replace those who have left. This means landlords are seeing a different demographic than they were previously.

Brokers, like landlords, are also getting to know the new type of renters, and what new tenants want is crucial to forecasting the market. Experts found that renters’ needs were based off of an ordered list. The first being their top priority and then descending on from that. Pre-pandemic, renters’ needs were:

 1.) location

 2.) space

3.) natural lighting

 4.) dishwasher

 5.) elevator

 6.) laundry

7.) doorman.

However, today, renters’ needs are based off of:

1.) space for a desk/home office

 2.) a kitchen optimal for cooking

 3.) natural light

4.) laundry

 5.) doorman

6.) location

7.) roof deck or private or private outdoor space.

Since many tenants signed leases with low rent prices and large concessions a year ago, predicting how many of those same renters will renew is challenging. But experts believe a lot of these concessions will start to taper off and prices will start to increase, leading to a full recovery of the market in the coming weeks.

Rangers Players and Prospects in the IIHF World Championship

The 2021 International Ice Hockey Federation (IIHF) World Championship took place from May 21 to June 6 in Riga, Latvia. The top 16 nations in the world participated in the tournament, which was won by Canada following a 3-2 overtime victory in the final against Finland. Teams were composed of some of the top players in the world, many of whom either played in the National Hockey League (NHL) during the 2020-21 regular season or had been drafted by NHL teams. The New York Rangers had eight players and prospects participate in the tournament, including Canadian defenseman Braden Schneider.

A 19-year-old native of Prince Albert, Saskatchewan, Schneider was selected by the Rangers as the 19th overall pick in the 2020 NHL Draft and spent the 2020-21 season with the Brandon Wheat Kings of the WHL. Serving as team captain, Schneider scored 27 points in 22 games. He also played two games with New York’s AHL affiliate in Hartford and represented Canada at the IIHF U-20 World Championship earlier this year. Schneider registered one assist in nine games at the IIHF World Championship.

Rangers players Kevin Rooney and Colin Blackwell – as well as prospect Zac Jones – represented the United States, which defeated Germany 6-1 in the bronze medal game. Rooney scored one point in 10 games for Team USA after registering 14 points through 54 regular season games in his first year with the Rangers. Blackwell, who also played in his first season with the Rangers in 2020-21, scored four goals in 10 games for Team USA. Jones, meanwhile, had three assists in 10 games. The 20-year-old defenseman scored 24 points in 29 games with the University of Massachusetts and four points in 10 games with the Rangers in 2020-21.

New York also had two players – center Filip Chytil and defenseman Libor Hajek – on the Czech Republic team. Chytil, who was selected by the Rangers 21st overall in the 2017 NHL Draft, scored four points through eight games in the tournament. He had 22 points through 42 games with the Rangers this season. Hajek, a 23-year-old with 77 games of NHL experience, had three points in eight games at the tournament.

The Rangers’ first-round pick, 28th overall, in the 2020 NHL Draft, Nils Lundkvist also played in the tournament. The 20-year-old defenseman represented his native Sweden and recorded an impressive five assists in only three games. His tournament was cut short after suffering what appeared to be a leg injury during a round-robin game against Switzerland.

Lundqvist won the Salming Trophy as the top Swedish-born defenseman in the SHL in 2020-21 after scoring 14 goals and adding 18 assists through 52 regular season games. He signed an entry-level contract with the Rangers on June 3.

Goaltending prospect Adam Huska also played in the IIHF World Championship. The 24-year-old Slovakian netminder appeared in three games for his country and recorded a 4.32 goals against average and .855 save percentage. Huska has mostly played with the Hartford Wolf Pack since graduating from the University of Connecticut in 2019. He was selected by the Rangers in the seventh round of the 2015 NHL Draft.

Real Estate Breaking News: U.S. Mortgage Rates Rise Up, But Remain Below 3%

The 30 year fixed mortgage rate was around 2.99% for the week of June 3rd. This is a slight increase of the 2.95% from the previous week. Over two months ago, fixed mortgage rates hit 2.65%, which was the lowest percentage since 1971. For reference, mortgage rates were 3.18% just around a year ago today.

These numbers have significance, because the lower the mortgage rates, the higher the U.S. has in home sales and refinances. In addition, home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough.

Basically, we are seeing that there are a lot of potential homebuyers, however, the competition to buy these homes is too strong. In addition, there is not enough construction happening to get more homes on the market. However, it is important for current homeowners to consider refinancing since the mortgage rates are so low.

The Child’s Best Interest under New York Law

During divorce proceedings, New York State courts decide child custody arrangements based on the “best interest of the child” standard. This considers several non-weighted factors that can impact a child’s development and sense of security. Custody includes making health and education decisions for the child. If joint custody is awarded, both parents will share their caretaking responsibilities and decision-making authority evenly. 

In some cases, one parent may be provided with more responsibility than the other. In these cases, the best interest standard informs decisions regarding which parent is assigned as the child’s primary caretaker and how visitations are scheduled or outlined. An overarching factor that impacts all the other decisions involves maintaining stability in the child’s life.

If one parent has assumed most of the child-rearing responsibilities, this will be considered by the judge when deciding. The court understands that changes brought on by divorce can have a significant impact on a child’s emotional development and well-being. For this reason, judges are more likely to decide arrangements that will minimally disrupt the child’s daily life. For example, if one parent relocates after the divorce, this may affect their ability to be awarded sole custody, as the child must be uprooted to uphold this arrangement.

However, if the parents themselves have agreed to a custody arrangement, or the child is old enough to state their preferred living situation, this can also affect the final decision. Other factors may indicate that one parent is better suited than the other. If a parent has difficulty maintaining a safe and healthy home environment, or is managing an illness or mental health issue, it may be considered in the child’s best interest to stay with the more stable parent.

On the other hand, financial distress and illness alone are not sufficient grounds to deny a parent access to their child. The court does not look well at parents who interfere with visitation schedules, as this can disrupt the child’s ability to bond with the other parent. In cases where there is a documented history of abuse, either against the child or the spouse, the parent who committed the offense will be much less likely to be awarded custody. If a parent is accused of abuse during the proceedings, the court will investigate these claims. If they are discovered to be unfounded, it can hurt the accusing party’s case, as this can be interpreted as interfering with a parent’s ability to maintain a relationship with their child. 

Circumstances surrounding the children themselves are also considered. The court may examine both parents’ living arrangements to determine which situation would be best for the child. If one parent lives in a district with a superior school system, this may be a significant factor.

On the other hand, if the child has a cognitive or physical disability, the judge may award primary custody to the parent who is best able to accommodate the child’s additional needs. If either party has other children who are not directly involved in the case but are the half or full siblings of the child whose custody is in question, this can also be a deciding factor. Judges prefer to place children with their siblings, as this can provide a sense of stability.

Legislation against Puppy Mills

Puppy mills are a category of commercial breeder that prioritize profits and, as a result, do not provide adequate socialization or humane treatment to their animals. Animals born and raised in puppy mills are more likely to have genetic defects or severe illnesses. Due to the lack of socialization, dogs from puppy mills often exhibit serious behavioral problems, which can greatly reduce their chances of adoption. By some estimates, puppy mills breed more than 2 million new dogs every year, while another 3 million dogs are euthanized due to a lack of shelter space and suitable homes.

Despite all of the negative consequences of puppy mills, there is little oversight governing commercial dog breeders. The only national law that covers commercial dog breeders is the Animal Welfare Act (AWA), which falls under the jurisdiction of the US Department of Agriculture (USDA). AWA is only applicable to breeders that produce a certain amount of puppies per year, and as such, it has provided a loophole for so-called “backyard breeders” to operate without any type of license or supervision.

Additionally, AWA fails to supply crucial guidelines concerning such issues as space requirements, breeding limits, and mandatory exercise and socialization. As a result, breeders can carry out practices that many would find cruel in order to maximize their profit. Further, the USDA is too understaffed and overburdened with regulating other types of animal-related activities to investigate the 3,000 licensed dog breeders operating in the United States. For this reason, many local and state governments have passed stricter legislation to improve standards for dog breeders or make it more difficult to operate this type of business.

For example, Arizona requires all commercial breeders to hold permits and be subjected to routine inspections. Failing to do so can result in a fine or jail sentence. In California, Colorado, and Indiana, breeders must also ensure that all of their animals are given time to exercise outside of their cages.

Many states and municipalities have outlawed the sale of commercially bred animals in pet shops. In California, New York, and Maryland, pet shops can only source domestic pets from animal rescues. Cities such as Phoenix, Chicago, and Beverly Hills have put similar laws in place that limit the purchase price of animals sold in pet shops. Other cities, such as Madison, Alabama, have banned puppy mills from operating within their jurisdiction, with more cities and states expected to follow suit over the next few years.

Even with more stringent regulations, puppy mills remain a profitable industry. Many breeders exploit loopholes, for example, through sending their animals out of state or selling them through a network of disreputable rescues created only to skirt the laws. For these reasons, animal rights advocates point to consumer education and behavior as the most successful ways to reduce the viability of commercial breeding practices.

Consumers should adopt animals directly from their local shelter or a specialized purebred rescue. Those committed to having a registered purebred dog should visit the breeder and tour the kennel where the animal was raised. Reputable breeders will have clean, humane facilities and will vet any potential buyers thoroughly.