Why You Should Have Title Insurance

Based in East Rockaway, New York, Marc Rovner is an attorney who oversees the legal department at Beta Abstract LLC, a multi-million-dollar title insurance company. With over 30 years of experience in the field, Marc Rovner also provides legal education on title insurance and real estate law.

Title insurance offers home buyers and mortgage lenders protection against defects or issues that may arise during or after a real estate transaction. Title insurance protects the new owner against things such as unpaid taxes of the prior owner of the property, fraud, forgery, and recording errors. Nearly every lender requires that home buyers purchase a title insurance policy to obtain a mortgage. The title insurance policy protects both the buyer and lender from risks associated with the property. In addition, homeowners with title insurance will also have the peace of mind knowing that they will be insured against expenses from title defects.

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.

Beta Abstract’s, Helen Kingsley Timari provides Staten Island stillborn babies with with a caring,compassionate burial

The burial of stillborn infants has become a Staten Island tradition, giving them a burial that both dignified and deserved.

Thanks to the Richmond County Public Administrator’s (RCPA) Office, these infants are recognized as human beings that deserve a proper burial. The RCPA, headed by Commissioner and Public Administrator of Richmond County Edwina Frances Martin, presided over the burial of six stillborn babies at the Garden of Angels section for children at Resurrection Cemetery, Charleston.

In addition, volunteers from the Foundation for Dignity, a non-profit organization that works to bury all residents of Staten Island, participated in the funeral. The John Vincent Scalia Home for Funerals and Resurrection Cemetery also donated professional services, caskets, flowers and gravesites to RCPA for the burial of the stillborn infants.

Among these volunteers was Beta Abstract’s Title Coordinator, Helen Kingsley Timari. She helped to provide Staten Island stillborn babies with a caring, compassionate burial. Helen has done amazing things not only in her professional life but in her volunteer work as well. The Beta Abstract team would like to extend a huge congratulations to Helen for all of the outstanding work she does for the community.


How Do Title Indemnity Policies Function?

Marc Rovner is an East Rockaway, New York, attorney who is active with BETA Abstract, LLC, where he provides real estate title insurance legal services. Attorney Marc Rovner has extensive knowledge of title insurance requirements in his home state and has taught on the subject in college settings.

A title indemnity policy comes into play when a property is being leased out or sold and the prospective tenant or purchaser seeks confirmation that the seller has the legal right to transfer the property title. In addition, the buyer seeks to establish that no title defects exist that would impact their ownership interests. The same principle applies to lenders that take security on a property with the aim of selling in the future.

Common title defects include not having building regulations’ consent or planning permission for the type of development on the property. Another common issue involves lack of easements, or rights that benefit the property. This may include restrictions against using utilities or entering third party-owned land to repair utilities for a structure on the property. Title indemnity policies do not repair or cure the defect, but rather offer financial compensation in cases where the defect results in actual loss (up to stated limits). In most cases, the title indemnity limit is equal to the property value or the gross development value of a site to be developed. In addition, it may be equivalent to the mortgage amount obtained on the property.

The Title Closing Process

A New York based attorney, Marc Rovner, works at Beta Abstract LLC where he oversees and supervises the legal department. He also manages business development in eight of the company’s offices. Apart from his responsibilities at Beta Abstract LLC, Marc Rovner teaches a course on the title closing process. Title insurance is a form of indemnity that protects mortgage lenders and home buyers in case there are title defects during or after title closing.

The title closing process begins with the sales contract between the buyer and seller of the real estate property. An escrow agent then receives the escrow and opens a title order that includes tax information, maintenance fees, and other documentation. Then, the title closer searches for any issues, including in the deed, mortgage, or wills that may affect the title of the property. Once the property is screened, then the title closer schedules a date for the property transaction to occur. The transaction is completed when the seller signs the deed and affidavit, and the buyer signs any new mortgage.

Long Island Commercial Real Estate Activity Reducing

The residential housing market on Long Island flourishing. Although, the commercial real estate industry has taken a hit. The reason behind this is the COVID-19 pandemic.

“The commercial market has too much inventory and no demand,” said Jay Orsini, a real estate agent for Douglas Elliman.

A recent report by Avison Young found leasing volume has fallen 42% below the 20-year annual average.

“We had one client looking for about 8,000 square feet and there were over 30 buildings for them to choose from between Nassau and Suffolk [counties],” Avison Young managing director Ted Stratigos said. “And that’s a lot.”

Although 42% may seem like a lot to overcome, Stratigos said he believes it’s just temporary. Folks working remotely is one reason why there are so many vacant office buildings. However, he said companies are not signing long-term leases right now.

Stratigos said companies are slowly bringing back their workers. He believes it could take two years until the commercial market turns back around.

Thank you Jessica Formoso from Fox 5 NY!

Florida: Buy or Rent?

The decision between buying or renting can be tricky, especially with the real estate market currently. Some real estate economists recommend renting, due to home ownership being expensive right now.

According to a new report released by Florida Atlantic University’s College of Business, buyers in Jacksonville are paying 23% more money that they should be for homes. Homes in Tampa are overpriced by 32%, Orlando by 21% and Miami homes are 16.9% overvalued.

Real estate economist and associate dean at Florida Atlantic University Ken H. Johnson points out, the investment market is stronger and more stable than the housing market, which is why he’s urging Floridians, to rent instead of buy.

“Individuals should consider renting a similar type property, and then reinvesting the money they would have spent on a down payment, property taxes, maintenance insurance, etc., and take that money and invest it, and there won’t be that much of a difference, that’s a better way to go right now,” Johnson said.

Johnson said the cost of renting a house in Florida has spiked as well, but not as much as the price of homes, which in many circumstances are selling for more than they appraise. Johnson says the higher price you pay today, the tougher it will be to get a return on your investment.

Johnson’s advice could save buyers and renters thousands of dollars!

Thank you Tarik Minor, Anchor and I-TEAM Reporter for News4Jax.

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.