What The Heck Is A Statement Of Information?
A Statement of Information is a document requested during a real estate transaction, particularly during the title and escrow process. It’s used by the title company to distinguish the buyer and seller of the property from other people with similar names or identities. This distinction is crucial to prevent issues such as mistaken judgments or liens, which might belong to someone else with a similar name, from affecting the property transaction.
The Statement of Information typically includes details like the individual’s full name, social security number, current and previous addresses, and other personal information. This data enables the title company to accurately filter out any unrelated financial or legal issues (like liens, divorces, child support judgments) that could mistakenly be associated with the parties involved in the property transaction.
Overall, this document helps ensure the title to the property is clear, which is essential for a smooth transfer of ownership.
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