In Every Transaction Hallmark Abstract Serves Two Major Constituencies While Focusing On One Overriding Mission!
The overriding mission and laser-focus of Hallmark Abstract Service when entrusted with the title insurance portion of a residential or commercial real estate transaction, is very simple…
Ensuring that the buyer will never have an issue with a third party attempting to claim that there is any question about their ownership of the property. A purchase that may represent the single greatest financial transaction they’ve entered into in their life!
Having opened Hallmark Abstract during the 2008 financial crisis, a time when deal flow for attorney’s and lenders had dropped precipitously, we learned very quickly that striving for perfection on each and every transaction was what would be a key to our achieving long-lasting success and growth.
We learned that, at the end of the day, the key to our business development wasn’t about giving ‘stuff’ to potential clients, aka quid pro quo. But, it was about making sure that we protected a buyer’s interests while at the same time doing all that was in our power to ease the deal burden on their attorney to as great an extent as possible!
Finally, we provide the following for the buyer:
- Title policies are underwritten by companies who possess the greatest financial strength metrics,
- A stellar record of having no valid title claims over the 10-years we’ve been in business,
- While the title insurance premium will be the same regardless of the Tirsa-member firm being used to underwrite a title policy, the ancillary and ‘other’ fees charged by Hallmark Abstract Service are among the lowest in the industry! Further, if a new survey is required and the surveyor’s cost is $650, $650 is the amount our clients will pay!
How Do You Measure Client Happiness And Satisfaction In A Title Insurance Provider?
For the two constituencies involved in the purchase of real estate that Hallmark Abstract Service is serving (the buyer and their attorney), how Hallmark Abstract Service makes each happy with the title insurance aspect of the transaction will take different forms.
But, as a firm, we strive to address them all!
The Commercial or Residential Real Estate Buyer:
- The buyer is often unaware of the title insurance portion of their deal until they get to the closing table and are asked to write a check. When that’s the case, the fact that this aspect of the deal did not delay the transaction from being completed is the measure of our success. In other words, the fact that their attorney never had to say that ‘the seller and lender are ready to close, but we are waiting for XYZ from the title company’ is what Hallmark Abstract strives for,
- On the other hand, if the buyer is knowledgeable about title insurance, they may have actually chosen the title insurance company being used, as is their right. Or, they relied on their attorney to make the selection. Given this fact, knowing that numbers 1, 2 and 3 above exist will provide the buyers with a great deal of comfort!
The Real Estate Attorney (Buyer):
- One point-of-contact at Hallmark Abstract throughout the deal, who is knowledgeable about every aspect of the transaction,
- Extreme responsiveness concerning issues and questions that may arise throughout the transaction, and potentially after,
- Proactive problem solving, if and when any issues arise,
- Work to take as many issues as possible requiring attention, off of the attorney’s plate. We view this as our responsibility, freeing the attorney up to work on other aspects of the deal or on other deals,
- Making clients aware of the points numbered 1,2 and 3 above, can potentially help an attorney in the area of business development potentially generating introductions to new clients,
- As long as the client is fully protected, we view our role as deal facilitators,
- Always a timely recording of documents, post-closing,
- Strive to make introductions to people with whom the attorney and their practice have good potential synergies.
Questions or comments?
Please contact Hallmark Abstract Service CEO Michael Haltman at
Phone: (646) 741-6101