The Directory: Title Insurance

New to the Directory section of the blog, it's our first title insurance company. 

Mike Haltman of Hallmark Abstract Service LLC tells us, "We do quite a bit of business in Brooklyn (as well as the other boroughs and Long Island) and, while we have been fortunate that the majority of our deals have been relatively clean, we work with all sides of a transaction to ensure that deals close. One sticking point that we do run into fairly often are sellers with ECB violations and outstanding water bills that have built up over the course of many years. With our team of expert and experienced expediters we have a strong track record of bringing the amounts owed to manageable levels allowing the transaction to get done!"

Now while title insurance may not be the first thing on your mind when you are searching for property, once you're finally in contract and ready to close, who's handling title can make a difference.  Typically the attorney for the buyer chooses the title company, but buyers are free to go with whomever they want.  We're told that title insurance pricing is very standardized, "It's like a commodity..." so we asked Mike to tell us what sets him and his firm apart.  He told us...

"1) Management of our firm has extensive experience in commercial real estate and commercial mortgage lending with traditional cash-flowing property, ground-up construction, rehab projects as well as with bridge loans. This knowledge base allows us to understand a deal from all angles of the transaction, not simply title.

2) HAS has among the lowest ‘other or junk’ fees in the industry understanding that we are well compensated through the title premiums themselves.

3) HAS underwrites through Chicago Title because the last thing a property buyer needs to have is a question about the financial strength and claims paying ability of their title insurance underwriter.

4) HAS provides the title report to all interested parties well before any closing is scheduled leading to our tagline, ‘We’ve Never Been to a Closing Where the Title Wasn’t Cleared'. At Hallmark Abstract we work to resolve any outstanding issues that we personally can, and make all party’s aware of other issues early on so that they are taken care of and do not get in the way of a closing."

We've seen closings of huge deals held up by title companies over the tiniest little issues.  Mike says his firm makes sensible exceptions to get deals done, much like sensible lenders close deals others can't.  We're eager to hear more about his Brooklyn deals and happy to welcome Mike to the BK to the Fullest team.