What is a "Statement of Information"?
September 30, 2010
The "Statement of Information" is a form that buyers and sellers usually receive when they receive their escrow instruction. Often buyers and sellers wonder why they need to fill out this form with so much personal information. Typically this form comes from the title company and the information that the buyers and sellers disclose on it is used when the title company does their title search for any recorded documents that might have an affect on the marketability of the title to the property.
The information is necessary to avoid delays in processing the transaction. You and your spouse or registered domestic partner, will be asked to provide your full name, social security number, year of birth, birthplace, and information regarding citizenship.. If applicable, you will be asked the date and place of marriage or of a registered domestic partnership. The information will be completely confirmation.
The buyer and seller residences for the past 10 years is also requested as is the employment history of all parties.
Providing this Statement of Information is made a requirement in the current California Association of Realtors contract.
Basically, the title companies use the information provided to determine that the sellers and buyers have nothing that can cause the title company to decline issuing title insurance.
The "Statement of Information" is a form that buyers and sellers usually receive when they receive their escrow instruction. Often buyers and sellers wonder why they need to fill out this form with so much personal information. Typically this form comes from the title company and the information that the buyers and sellers disclose on it is used when the title company does their title search for any recorded documents that might have an affect on the marketability of the title to the property.
The information is necessary to avoid delays in processing the transaction. You and your spouse or registered domestic partner, will be asked to provide your full name, social security number, year of birth, birthplace, and information regarding citizenship.. If applicable, you will be asked the date and place of marriage or of a registered domestic partnership. The information will be completely confirmation.
The buyer and seller residences for the past 10 years is also requested as is the employment history of all parties.
Providing this Statement of Information is made a requirement in the current California Association of Realtors contract.
Basically, the title companies use the information provided to determine that the sellers and buyers have nothing that can cause the title company to decline issuing title insurance.
posted by shirley harry at 8:29 AM
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