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Lawyers Title Corp. to buy assets of NYC agent for cash.

Lawyers Title Corporation (NAS-DAQ-LTCO), holding company for Lawyers Title Insurance Corporation, headquartered in Richmond, Virginia, announces it has signed a letter of intent to purchase for cash the assets of LTIC Assoc. Inc., of New York City, its largest agent. The transaction is expected to close in the second quarter of 1992.

LTIC Assoc. Inc., founded in 1979, is a full-service title insurance operation specializing in commercial real estate, condominiums and co-ops, and national transactions.

According to Charles H. Foster, Jr., chairman and chief executive officer of Lawyers Title, "The purchase is part of Lawyers Title's strategy to pursue acquisitions and expand its direct operations. New York City is important to us as a local market as well as a center for mortgage lending nationwide."

LTIC Assoc. Inc., will operate as a subsidiary of Lawyers Title. The founders of LTIC Assoc. Inc., Philip O'Hara, George A. Metzger and Judah B. Klein, will serve as the chief executive officer, president and general counsel respectively of the subsidiary.
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Title Annotation:Building Management, Section I; LTIC Associates Inc.
Publication:Real Estate Weekly
Date:Mar 25, 1992
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