Capital Title Moves into Appraisals

Capital Title Group Inc. here is looking to move into the appraisal business as well. It has agreed to purchase Nationwide Appraisal Services Corp., Pittsburgh.

Besides being in the appraisal business, Nationwide will help Capital expand its title agency business as it is licensed as an agent to sell title policies in 35 states.

Capital will pay $25 million in cash at closing, with deferred payments of up to $3 million depending on specified conditions being met.

By acquiring Nationwide, Capital said in a statement that the deal would expand the breadth of bundled real estate settlement services it can offer.

Besides its agency business, Capital also owns a title insurance underwriting platform, United Title Insurance Co.

Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com