Page 45 - Homeowners Manual - Ventura County

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 (e�g�, 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 if applicable, your spouse or registered domestic partner, will be asked to provide your full name, social
security number, year of birth, birthplace and citizenship information� 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 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 State ment 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 exception from coverage
judgments, liens or other matters that may affect the property to be insured� Such exceptions would be
unacceptable to most lenders, whose interest must also be insured�

CONCLUSION: When issuing a policy of title insurance, title companies make every effort 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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