Statements Of Information

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 title companies with the information they need to distinguish the buyers and sellers of real 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 Land Title Association has answered some of the questions most commonly asked 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, matters which actually apply to some other person.

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 recorded document 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 document affect the parties we are insuring?” Because, if it does, it affects title to the property and would, therefore, be listed as an exception from coverage under the title policy.

A properly completed Statement of Information will allow the title company to differentiate between parties with the same or similar names when searching documents recorded by name. This protects all parties involved and allows the title company to competently carry out its duties without unnecessary delay.

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

The information requested is personal in nature, but not unnecessarily so. The information requested is essential to avoid delays in closing the transaction.

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

Residence and employment information will be requested, as will information regarding previous marriages or registered domestic partnerships.

Will the information I supply be kept confidential?

The information you supply is completely confidential and only for title company use in completing the search of records necessary 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.

Article by CLTA

Do you want to preview the interior of a home? Or do you want disclosures or inspections on a property, give me a call at 510-684-1455. I am here to assist you when you need me.

 
 

Testimonials about Leah

Hiring Leah to be our realtor was the best decision we made when we sold our home in Oakland. We moved to Illinois for my work, and our relocation company required us to interview multiple realtors, all from the Oakland/Berkeley area. Leah was the first agent we interviewed, and while we completed our interviews with the other realtors, we knew right away that Leah was going to be our favorite. When Leah arrived at our house, she was full of enthusiasm and friendliness. She started off by making very positive comments about our location, the view, and her overall first impressions. Her opinions on how our location compared to different neighborhoods in the area meshed with our thinking exactly. Then she had us walk through the house, where she paid attention to every inch of every floor and walls and fixtures, asking lots of questions and taking notes and photos. After giving her the tour we sat down and Leah told us she thought our house could sell for just over 700K, and showed us the comps and discussed the trends that supported her position. She explained why certain lower comps were not applicable based on her research of those sales, and why buyers who had been in the hunt for a while (it's a seller's market in Oakland) would understand why our home had more value. She explained that she didn't think we needed to do any major repairs or upgrades, as they wouldn't increase the price of our home nearly as much as the investment we would have to put in. We left very impressed and excited (we had purchased the house a few years before for a much lower price and had expected it needed a lot of repairs). The other realtors we interviewed over the following week didn't show as much interest in our house, paid minimal attention to the details, and suggested that a lot of work was needed if we were going to get over 600k for the house. They used the comps that Leah had discounted, and scoffed at the idea that houses in the next neighborhood over would be comparable to ours. We agonized over the decision for a while. We liked Leah, we knew she would give 100% to sell our house, but what if it really wasn't worth as much as she thought? We reviewed the sales plans of each realtor, and in the end we came to the conclusion that we trusted Leah over the others, and even if she was wrong on the starting price, she would present out house in the best possible light because she understood it's value. But our fears were unfounded, Leah turned out to be completely right and worked harder than we had hoped to prove our trust was well-placed. Leah held 5 open houses and a realtor tour in 3 weeks before opening up for offers. She had a handyman make minor touches (fence repair, painting our mailbox) and paid for those repairs herself. She coordinated the cleaning, the carpet washing, the staging (she met with multiple stagers before choosing the one she felt fit our house right). While we focused on our new life in Chicago, she was back in Oakland meeting with 4 appraisers, 2 home inspectors, a termite inspector, a mold inspector, and coming to the house dozens of times to interview contractors for bids for termite work and mold remediation, and to inspect their work for thoroughness afterwards. She advised on us which contractors seemed the most professional, who was overcharging us, and made herself available whenever we scheduled a new one out for a competitive quote. When our buyer tried to get a discount after the first appraisal, she proved herself a shrewd negotiator and was able to work with the buyer's agent to avoid a significant price reduction. When our company-appointed relocation agent was slowing down the process, Leah set her straight so we could keep the deal moving. We sold our house for $705k. The other agents we had interviewed told us we'd need to do a lot of upgrades to even sell between 600 and 650, but Leah insisted our house was worth at least 700. We believed she was right. And she was right. I know the other agents would not have gotten us such a high price, and would not have showcased our best features like Leah did. Overall, I would definitely recommend Leah for anyone looking to sell their home. She puts your needs first, and will work tirelessly and enthusiastically to make sure you are happy. We used a relocation company who referred Leah (and the other realtors) to us but Leah made it clear that she worked for us, not for them. When the relocation company dragged out the process, Leah was positive, helpful, and remained enthusiastic, and we knew she had us covered. I really cannot express enough the gratitude my wife and I feel towards Leah, who took care of us so well and gave so much of her time and her own resources so that we would have the best experience and get highest sales price possible. Hire Leah. Justin R.
Thank you for lowering your fees to get our offer accepted. Thank you for paying for the home inspection and termite inspection to get it done quickly. Thank you for understanding that my deposit should not be put at risk if I don't feel comfortable. Every time I called with lender complaints you where there for me and got on the phone and straightened it out for me. You explained documents when lenders could not help me understand. You were the best buffer I have experienced. I trust you like family. I will use you again when it's time to buy or sell. Thank you so much. A.Wouldo, Buyer
Lady, you are amazing. Sold my house and pushed for more than what those agents wanted to give. Helped me clean and organize. Dropped stuff off for me and pushed those vendors to do what they said they would. It was fun and I love my new house you helped me by way out of your service area so I did not have to look for another agent. You knew what I wanted and we got it done. Your family now and forever. W. Terry Seller/Buyer
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