Statement of Information

The Statement of Information, also known as the SI, is an important form. The title company requires each of the sellers and buyers to complete this form. The SI requests personal data such as date of birth, social security number, former names, current and previous addresses, marital status, prior marriages, and employment information.

The title company uses this data to research the buyers and sellers. They investigate to find property liens, personal judgments, and spouses who may have legal claims to community property. If they find liens against the property, the title company will require them to be removed so the buyers can take clear title. Most judgments against buyers or sellers need to be paid and cleared.

Any prior marriages will need proof that they were legally dissolved. The title company will be searching for outstanding legal “clouds” against the sellers and buyers, and will use their personal data to determine whether the discovered liens are theirs or another person’s.

Based upon their research, the title insurance company may request legal documents from your clients. The title company may also collect these documents, such as divorce decrees, from the buyer’s mortgage lender.

The SI form will be sent to your clients along with their Escrow Package of documents. Due to the confidential nature of the data, have your clients to submit the completed SI form directly to the escrow company. Then follow up to verify that it was turned in and processed.