Statements of Information

Here's a breakdown of what a Statement of Information entails:

1. Definition: A Statement of Information is a form commonly requested from buyers, sellers, and borrowers in real estate transactions where title insurance is sought. It provides the title company with essential information to differentiate between parties with similar names and accurately examine recorded documents.
2. Purpose: The primary purpose of a Statement of Information is to enable the title company to distinguish between parties involved in the transaction and others with similar names. This helps the title company identify documents that may affect title to the property being insured and exclude irrelevant matters from coverage under the title policy.
3. Information Required: The form typically requests personal information such as full name, social security number, date and place of birth, citizenship status, residence and employment history, and details about marital status and previous marriages or registered domestic partnerships.
4. Confidentiality: The information provided on the Statement of Information is kept strictly confidential and is used solely for the purpose of completing the title search and examination necessary for issuing a title insurance policy.
5. Consequences of Non-Compliance: Failure to provide the requested Statement of Information can result in delays in closing the transaction or even the inability to close escrow. Without the necessary information, the title company may be unable to identify and exclude relevant exceptions from coverage, which could be unacceptable to lenders.

In conclusion, completing a Statement of Information accurately and promptly is essential for facilitating a smooth and timely real estate transaction while ensuring the protection of all parties' interests.