Friday, March 2, 2018

The Benefits of Title Insurance

An East Rockaway resident, Attorney Marc Rovner is responsible for business development across New York, New Jersey, and Florida and oversees the legal department at BETA Abstract, LLC. In addition to his responsibilities as an established attorney, Marc Rovner is a professional educator and teaches real estate and title insurance law-related continuing education courses.

Title insurance, a type of indemnity insurance, provides financial protection from losses that may result from flaws in a property’s title. It commonly comes in two primary forms: lender’s title insurance, which protects the lender, and owner’s title insurance, which protects the buyer in a real estate transaction.

While there are differences from one policy to another, the benefits of title insurance generally include coverage against claims arising from issues that could have been identified in public records and those arising from issues that could not be identified in public records. Other parties to real estate transactions benefit as well. Lenders benefit in that their mortgage investments are protected from loss due to title-related defects, while sellers enjoy greater marketability and protection from financial damage when selling homes with title insurance policies in place.