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QUARTERLY REVIEW |
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Greetings!
Spring is here and we are pleased to present our second installment of the Royal Abstract Quarterly Review. Included are some of Royal Abstract's noteworthy closings, recent news and some exciting changes we are making within the company to stay ahead of our competition so we can continue to offer a superior level of expertise and client service.
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| ,Web Enhancements | | |
Stay tuned for the launch of Royal Abstract's new web site and title generation software! We have created a dynamic and exceptionally user friendly experience so you can find what you're looking for in one click. You will find up to the minute news feeds, various calculators and many of the forms and endorsements you may need; resourcefully organized so you do not have to be.
Our new Tracker Pro software will allow our clients to log-in and track the status of open orders at every point in the transaction. Tasks are streamlined to maximize our workflow, allowing for a quicker turnaround time for all parties involved.
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| Royal Abstract's Noteworthy Closings | |
"Magazine Portfolio"
Royal Abstract facilitated the closing of eight apartment complexes containing approximately 2,580 units located in Virginia and Maryland. The acquisition was a joint venture between Pantzer Properties and Dune Real Estate Partners. This was the largest multifamily transaction in the country since 2008.
Apartment Portfolio Refinancings
Royal Abstract acted as title and escrow agent for the refinancing of 13 apartment buildings. The mortgages were originated by Beech Street Capital through its Fannie Mae program. The portfolio consisted of 615 units across different neighborhoods in Manhattan.
Touro College Building Sale
Royal Abstract acted as the title agent for the sale of a building owned by Touro College on the Upper West Side of Manhattan. The building was partially used a dormitory for the college. The issues surrounding a sale by a not for profit /educational entity were dealt with by our legal staff to ensure an efficient closing.
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| News | |
New ALTA Survey Standards Approved
| The new ALTA survey standards have been approved by the National Society of Professional Surveyors (NSPS) and the American Land Association (ALTA). The new standards, which are known as the 2011 Minimum Detail Requirements for ALTA/ACSM Land Title Services, replace the current 2005 Standards and are effective as of February 25th, 2011.
Here is a summary of the significant changes from a perspective of an attorney who represents title insurance companies, buyers and lenders.
The new standards will: - require additional information and detail concerning easements and right-of-way lines
- discourage the drafting of new legal descriptions
- require that a reference to the title commitment be included on the face of the plat
- require that a vicinity map be shown (formerly Table A optional item)
- require the use of a standard certification
The final version of the 2011 Standards may be downloaded from the ACSM web site at www.acsm.net under the Standards section or from the ALTA web site at www.alta.org/forms under the "Recently Approved for Final Publication" section.
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| New Appointment | | |
We are excited to announce that Robert Balachandran has recently joined our firm as Senior Vice President of National Sales and Business Development. Robert brings with him a broad range of experiences and expertise that he has gained after working in the real estate industry for over 15 years. Prior to joining Royal Abstract, Robert served as the Global Chief Administrative Officer for Cushman & Wakefield. Mr. Balachandran also held positions as an investment banker at both Bear Stearns and JP Morgan, as well as serving as a Senior Assistant Counsel and the President/CEO of the Hudson River Park under former New York Governor, George E. Pataki. Robert currently serves on various boards and charities. Most notably, he served as a Board Member on the Lower Manhattan Development Corporation, the agency charged with the coordination of the redevelopment efforts at "Ground Zero" in Manhattan.
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| A Strategic Alliance | | |
Royal Abstract and The Rampart Group Join Forces
We found a perfect match in The Rampart Group and have decided to join forces to bring you the ultimate in insurance services around. 45 years ago, the Rampart Group was built on the same foundation of exceptional customer service, integrity and reliability that has made our firm as successful as it is today. Through our strategic alliance, we are able to offer you a more comprehensive list of insurance services in one stop to eliminate the need for further research and simplify the closing process for all parties involved.
The Rampart Group provides the most cost-effective insurance products and services available. By delivering the finest risk management products and value-added services, they help clients secure the insurance programs that are right for their unique needs to minimize exposure to financial loss.
If you would like to reach out to The Rampart Group directly with any questions, their contact information is listed below.
The Rampart Group
Robby Morris, President
516.390.3622
rmorris@rampartinsurance.com
www.RampartInsurance.com
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| Why Royal Abstract Is Best For Your Clients | | |
Your client's satisfaction is our top priority. Our highly skilled staff of attorneys and title officers, with over 150 years of collective experience, have handled some of the most complex titles in the tri-state area. Their superior knowledge and attention to detail has resulted in successful and timely title issue resolutions. Every newsletter will highlight some closings that demonstrate these notable successes.
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| From The Desks Of | |
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Caryn Mallin
Director, Sales & Marketing
Royal Abstract
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Martin Kravet
President,
Royal Abstract |
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Our highly knowledgeable staff of attorneys and title officers, combined with our close attention to detail and focus on customer satisfaction, separates Royal Abstract from other title insurance agents. With over 64 years in the industry, Royal Abstract continues to demonstrate its leadership in the title insurance business year after year.
Royal Abstract
500 Fifth Avenue, Suite 1540
New York, NY 10110
(Tel) 212.376.0900
(Fax) 212.376.0911
info@royalabstract.com
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