That means "Statement of information?

July 31, 2009
Category: Sacramento Real Estate

Sacramento Bridge

What's in a name? When a title company Seeks to uncover Matters Affecting title to real property, the answer is, "Quite a bit."

Statements of Information Provide information With The title companies need to Distinguish They buyers and sellers of the actual property from Others with similar names. After Identifying the true buyers and sellers, title companies may disregard the Judgments, liens or other Matters on the public records under similar names.

To help you better Understand this sensitive subject, the California Land Title Association has answered the questions of Some Commonly asked MOST About Statements of Information.

What is a Statement of Information?

A Statement of Information is a form Routinely Requested from the buyer, seller and borrower in a transaction WHERE title insurance is Sought. The completed form Provides the title company with information needed to adequately examine documents so as to disregard Matters which do not Affect the property to be insured, Which Actually Matters to Some Other person apply.

What does a Statement of Information do?

Every day documents Affecting Real property-liens, court Decrees, Bankruptcies-are recorded. Whenever a title company uncovers a document Recorded in Which the name is the Same or similar to That of the buyer, seller or borrower in a title transaction, the title company must-ask, "Does This Affect document the parties we are insuring?" Because , if it does, it title to the property Affects and would, THEREFORE, be listed as an exception from coverage under the policy title.

A Properly completed Statement of Information will allow the title company to differentiate Between With The Saami parties or similar names when to Recorded documents searching by name. This Protects all parties Involved and Allows the title company to competently carry out STI Unnecessary Duties without delay.

What types of information are Requested in a Statement of Information?

The Requested information is personal in nature, but not Unnecessarily so. The Requested information is essential to Avoid Delays in closing the transaction.

You, and if applicable, your spouse or registered domestic partner, will be asked to Provide full name, social security number, year of birth, birthplace, and information or citizenship. If applicable, you will be asked the date and place of your marriage or registered domestic partnership.

Residence and employment information will be Requested, as will previous Marriages Information Regarding or registered domestic partnerships.

Will the information I supply be Kept Confidential?

The information you supply is confidential and only Completely title company for use in Completing the search of records necesario Before a policy of title insurance can be issued.

What happens if a buyer, seller or borrower fails to Provide The requested Statement of Information?

At best, failure to Provide The requested Statement of Information will hinder the search and examination Capabilities of the title company, Causing delay in the production of your title policy.

At worst, failure to Provide the information Requested Could prohibit the close of your escrow. Without a Statement of Information, it would be NECESSARY for the title company to list as exceptions from coverage Judgments, liens or other Matters Which may Affect the property to be insured. Such exceptions would be Unacceptable to MOST lenders, Whose interest Must Also be insured.

CONCLUSION: Title companies make every Attempt in Issuing a policy of title insurance to Identify Known Risks Affecting your property and to Efficiently and CORRECTLY transfer title so as to Protect Your Interests as a homebuyer. By Properly Completing a Statement of Information, you allow the title company to Provide the service you need With The Assurance of Confidentiality.

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