LandAmerica Title Merges with Fidelity

2008-11-13T10:14:00.000-08:00

I recieved this e-mail from our marketing representative a LandAmerica a few days ago. I was reflecting on how there seem to be so many mergers among us. Read on...

On November 7, LandAmerica and Fidelity National Financial announced the signing of a definitive merger agreement under which Fidelity will acquire LandAmerica. Due to the unprecedented credit freeze and depressed real estate environment which has negatively affected our industry, it is in the best interests of LandAmerica and our customers to unite with Fidelity.

We are pleased to join Fidelity’s family of title underwriters, and look forward to bringing the strength of our combined capabilities to the marketplace. The combination will create a full-service, global operation that will be the strongest and most financially sound company in the title industry, one with an unrivaled geographic and commercial footprint. The combined companies will have a powerful market presence.

In the interim, we assure you that LandAmerica continues to be financially sound and well-reserved, with more than adequate high-quality assets to back those reserves. The most current figures available show that as of the end of June, LandAmerica held almost $1.1 billion in claims reserves in its statutory financial statements and $1.3 billion of cash and high quality investments in its underwriters. In addition, since the announcement of the pending merger, the ratings bureaus have responded favorably to LandAmerica.

I am excited about the proposed transaction. Because LandAmerica Residential Services was one of the attractive pieces of the acquisition, we know we will be able to continue to provide you with the unparalleled service you have come to expect from LandAmerica. I am committed to providing you with the best products and services and thank you for the opportunity to do business together.

You may also view additional details regarding the merger by clicking HERE.
Sincerely,

Sales and Marketing Executive

This seems to be the way it is these days. We see companies merge among us and tell us to be happy and that we are all better for it. We shall see...I must say that when times are tough families seem to lean on each other more. Maybe we are just seeing a natural progression of companies leaning on each other.

The Crew

How does the Tax Credit effect home buyers?

2008-10-15T20:38:00.000-07:00

At A Glance, the first-time home buyer (someone who has not purchased a home in the past three years) is eligible for a maximum tax credit of $7,500 if they have purchased a home after April 9th, 2008 and before July 1st, 2009. Single income tax payers that make an income less than 75,000 per year and married couples with incomes of $150,000 per year are eligible for the maximum tax credit. The tax credit works like an interest-free loan and must be repaid over a 15 year period.

On July 30th, 2008, the President signed housing bill (H.R. 3221) into law. As part of the housing bill, Congress has made a new limited tax credit to provide incentives for qualified first-time homebuyers.

For more information about this tax credit contact Kris or Tammy Hanson at 636-720-3530 or visit http://www.realtor.org/gapublic.nsf/files/hbtaxcreditqa2008.pdf/$FILE/hbtaxcreditqa2008.pdf for answers to frequently asked questions about this tax credit.