LandAmerica Bites the Dust - Sold to Fidelity National Financial Services

Title Insurance Companies Sold – Bye-bye LandAmerica

In early November the title insurance industry awoke to the news that Fidelity National Title Insurance Company ("Fidelity") and Chicago Title Insurance Company "Chicago") were acquiring LandAmerica, specifically, its Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation entities.

What does that mean to real property transactions in New Jersey? Well, on the face of things not much, but deep down, no one knows.

Before LandAmerica fell apart, Fidelity already controlled about 27% of the title insurance business written in the United States. (Chicago is part of the Fidelity family.) LandAmerica, through Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation controlled about 20%. You can do the math following the merger yourself.

When Fidelity acquired Chicago a number of years ago, it was determined to keep the operating functions of the two companies separate. Will Fidelity and Chicago do the same now or will they seek to economize costs by centralizing such functions as underwriting?

The insured property owner, whether of a single-family home or a commercial office building, will not be affected by the acquisition. As to the fate of the title agents who have served their underwriters loyally for many years, we will have to wait to see.

Here are the press releases issued by LandAmerica and Fidelity.

Stephen M. Flatow

Vested Title Inc., 648 Newark Avenue, P.O. Box 6453, Jersey City, NJ 07306. Tel 201-656-9220. Fax 201-656-4506. E-mail vti@vested.com Sphere: Related Content

New Jersey towns prepare for tax appeals

While down the shore for the Thanksgiving holiday weekend, I came across an Asbury Park Press newspaper article that, while focused on Monmouth and Ocean counties, carries weight across the state of New Jersey. The topic- “Towns prepare for tax appeals”

The main points:

• "Towns are now bracing for an onslaught of property tax appeals as more homeowners seek lower assessments to keep pace with the declining house market.

• Toms River, for example, has budgeted $1 million to fight the coming wave of appeals. Lakewood, which completed a revaluation when the housing market was at its peak in 2006, has spent about $1.5 million in the past two years.

• While the overall average sales price in the state dropped 4.5 percent,Monmouth County saw a 6.5 percent decline. Ocean County had a 5.3 percent dip, according to the sales data for single family homes.

• Appeals in Monmouth County rose from 936 in 2006 to 1,862 so far this year, according to Matthew Clark, Monmouth County tax administrator.

• In Ocean County, tax appeals soared to more than 4,200 this year, from 2,700 in 2007, according to Tax Administrator L. Ozzie Vitusck."

Filing a real property tax appeal in New Jersey is not difficult but it is not a cake walk. I also caution readers that your ability to introduce evidence cannot be based on "my neighbor's house is worth less than mine." An appraiser with experience in tax appeals in your community is a handy ally and the need to hire an attorney should not be discounted.

Click a Guide to Tax Appeals published by the New Jersey Department of the Treasury, Division of Taxation for more technical information about the real property tax appeal process.

Stephen M. Flatow

Vested Title Inc., 648 Newark Avenue, Jersey City, NJ 07306. Tel 201-656-9220. Fax 201-656-4506. Email vti@vested.com

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Report on Existing Home Sales is Not Encouraging

The Star-Ledger writes about nationwide problems with the real estate market.

According to the coverage, the National Association of Realtors said this week "sales of existing homes fell 3.1 percent, to a seasonally adjusted annual rate of 4.98 million units in October, from a downwardly revised pace of 5.14 million in September. Sales had been expected to fall to a rate of 5.05 million, according to economists surveyed by Thomson Reuters," the Star-Ledger reports.

New Jersey is not immune from the sales fall-off.

Vested Title Inc., 648 Newark Avenue, P.O. Box 6453, Jersey City, NJ 07306
201-656-9220*201-656-4506 Fax Sphere: Related Content

About Vested Title Inc.

Vested Title is a large and valued title insurance agent for the largest, and most highly rated, title insurance companies in the United States. At present, Vested Title is an agent for:
Chicago Title Insurance Company, Old Republic National Title Insurance Company, Stewart Title Guaranty Company and Fidelity National Title Insurance Company of New York.

Since 1981 we have provided quick, accurate and efficient responses to our clientele. Service, Accuracy and Professionalism set us apart from the competition.

Give us a chance, to place your next title insurance order go to our website, http://www.vested.com/ or send an e-mail to vti@vested.com.

Vested Title Inc. is located and our mailing address is 648 Newark Avenue, P.O. Box 6453, Jersey City, NJ 07306. 201-656-9220, fax 201-656-4506

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