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Subsequent Events
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
On October 6, 2021, the Company announced entry into a strategic agreement with Centerbridge Partners, L.P.(“Centerbridge”), pursuant to which the Company’s indirect, wholly-owned subsidiary, Realogy Title Group LLC, will form a title insurance underwriter joint venture through an investment from funds affiliated with Centerbridge.
Under the strategic agreement, the shares of Title Resources Guaranty Company, Realogy Title Group’s title insurance underwriter, will be transferred to the joint venture. Centerbridge funds will purchase a 70% equity stake in the joint venture in the form of preferred units that carry liquidation preference rights for $210 million in cash, subject to closing adjustments, while the Company will hold a 30% equity stake in the joint venture in the form of common units.
The transactions contemplated by the strategic agreement are subject to the expiration or termination of all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the receipt of other required regulatory approvals as well as the satisfaction or waiver of other customary closing conditions.
The Company currently expects that these transactions will close in the first quarter of 2022. Following close, the Company's share of equity earnings and losses for its minority interest in the joint venture will be reported in Realogy Title Group.