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Friday, July 31, 2020
I published “Important Considerations When Purchasing Title Insurance” on @Medium https://ift.tt/3faDuPy
General counsel and director of business development at BETA Abstract, attorney Marc Rovner has been working in the title insurance industry for over two decades. Based in East Rockaway, New York, Marc Rovner oversees offices as far afield as Boca Raton, Florida, and teaches continuing education in the area of title insurance.
Most all lenders require title insurance to be purchased as part of the loan process, but many homeowners don’t entirely understand what title insurance covers. One of the main things that title insurance is meant to protect against is undisclosed liens. Banks and other lenders may be able to place liens on a property even after the property is sold if the previous owner failed to settle outstanding financial obligations.
Another common title issue is mistakes in public records. If there is a filing error or other clerical mistake in the property’s documents, it must be remedied once discovered. Title insurance covers the cost of those remedies.
In addition, title insurance also protects against forged documents. If property documents are discovered to be forgeries, this could jeopardize your rightful ownership. Title insurance would cover the financial risk of losing the property.