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LandAmerica Selected to Provide Closings Services for Trump in Baja Mexico

LandAmerica Selected to Provide Closing Services for Trump Ocean Resort Luxury Development in North Baja, Mexico
Thursday January 25, 1:29 pm ET

RICHMOND, Va., Jan. 25 /PRNewswire-FirstCall/ -- LandAmerica Financial Group, Inc. (NYSE: LFG - News), a leading provider of real estate transaction services, announces its participation in the Trump Ocean Resort Baja Mexico development. The three-tower, 526-unit hotel-condominium luxury resort is located 30 minutes from downtown San Diego in North Baja, Mexico.

LandAmerica will serve as escrow agent, manage the escrow process, and issue title insurance policies on the condominium units or "out-sales" on behalf of the resort's developers, the Trump Organization of New York and Irongate, a Los Angeles-based real estate development and investment company.

The first tower is anticipated to be completed in late 2008 and will be LandAmerica's signature project in the booming Tijuana-Ensenada corridor. The resort, the first luxury project in the Tijuana beach area so close to the U.S. border, is expected to be completed within the next three to four years. More than 180 suites were sold during the initial pre-construction sales event in December.

"Trump Baja confirms LandAmerica's commitment to the bourgeoning Mexican title insurance market," said Bill Signet, President of LandAmerica Services of Mexico. "We understand the unique closing process in Mexico, and make it possible for buyers, many of whom are from California, to close on their new property without ever having to go to Mexico."

"The Trump Ocean Resort Baja will set the standard of premier property ownership and excellence in service for all of Northern Mexico," said Trump Organization CEO Donald J. Trump. "I've always said, 'location is everything.'"

About LandAmerica Financial Group, Inc.

LandAmerica Financial Group, Inc. is a leading provider of real estate transaction services. Through its many subsidiaries, LandAmerica serves residential and commercial customers with more than 1,000 offices and a network of 10,000 active agents throughout the United States, Mexico, Canada, the Caribbean, Latin America, and Europe. LandAmerica is recognized on Fortune magazine's 2006 list of America's most admired companies and is ranked as a Fortune 500 and Forbes Platinum 400 company.

 

Published Thursday, January 25, 2007 4:14 PM by Kanoa Biondolillo

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