Page 6 - Seller Resource Guide
P. 6
A GUIDE TO:
STATEMENTS OF
INFORMATION
What’s in a name? When a title company What is a Statement of Information?
seeks to uncover matters affecting title to real
A Statement of Information is a form routinely
property, the answer is, “Quite a bit.”
requested from the buyer, seller and borrower
in a transaction where title insurance is sought.
Statements of Information provide title
The completed form provides the title company
companies with the information they need
information needed to adequately examine
to distinguish the buyers and sellers of real
documents so as to disregard matters which do
property from others with similar names. After not affect the property to be insured, matters
identifying the true buyers and sellers, title which actually apply to some other person.
companies may disregard the judgments, liens
or other matters on the public records under What does a Statement of Information do?
similar names.
Every day documents affecting real property--
liens, court decrees, bankruptcies--are recorded.
To help you better understand this sensitive
Whenever a title company uncovers a recorded
subject, the California Land Association
document in which the name is the same or
has answered some of the questions most similar to that of the buyer, seller or borrower in a
commonly asked about Statements of title transaction, the title company must ask, “Does
Information. this document affect the parties we are insuring?”
Because, if it does, it affects title to the property
and would, therefore, be listed as a exception from
coverage under the title policy. (cont.)
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