Friday, November 23, 2007

Problems with King's Title

Most home buyers do not understand how important the title company is to their purchase. The State of Indiana closing King's Title shows their importance if from an angle no one really wants to see.

From Richmond's Palladium-Item:

Officials accuse manager after money missing from King's
Richmond title and abstract office affected after Shelbyville official's license suspended

SHELBYVILLE, Ind. (AP) -- A title company that has a Richmond office has halted much of its work at nine statewide sites after its license was suspended over the disappearance of more than $900,000 from an escrow account.

State officials have accused the Shelbyville office manager of King's Title & Abstract Co. of taking the money. Also, the company's insurer has canceled its policy over the missing funds.

New Castle-based King's is one of the state's largest title companies, with offices also in Fort Wayne, Marion, Anderson, Richmond, Franklin, Rushville and Winchester.

And this from the Indianapolis Star, Suspected fraud brings title company to a halt:

"The disappearance of more than $900,000 in homebuyers' money has led the state to suspend the insurance license of manager John K. Branam and order King's to stop writing new business at its nine offices in Indiana."