What is the Statement of Information?

Upon the opening of escrow, Buyers and Sellers receive their initial escrow package – the Statement of Information (also known as the Statement of Identity) is included in this package for completion and return to the escrow holder.

The statement of information is a one page document which requests the party’s name, date of birth, social security number, current and previous addresses etc.

Who requires the Statement of Information?

The Title Company of record requires this completed form to ensure successful and expedient transfer of title. This document assists in eliminating untimely delays in closing of real estate transactions.

How does the Statement of Information work?

The Statement of Identity establishes and confirms identity. Confirming identity will assist the Title Company to eliminate/resolve matters that affect real property such as child support liens, judgments, bankruptcies etc., filed against persons who have the same or similar names.

This is important as such liens and judgments are recorded against real property and against individuals on a daily basis.

Why Should Buyers/Sellers Complete the Statement of Information?

Consider these scenarios:

Scenario #1: Seller is Robert Smith. The title company runs a name check on Robert Smith. Title company finds recorded liens and judgments filed against a Robert Smith that must be paid.

How will title eliminate our Seller, Robert Smith against these potential liens? Title will compare social security numbers, previous address, etc. (as per Statement of Identity) to determine which Robert Smith is liable for payment of said liens/judgments.

As result, our Seller Robert Smith has been eliminated as the potential party owing thousands of dollars due to liens.

Scenario #2: Buyer/Borrower is John Williams. Once again, title runs a name check and discovers that a John Williams has defaulted on his child support payments. Upon further investigation it has been determined that YES this is our Buyer/Borrower. Now escrow has the heads up to advise their Buyer/Borrower to bring his account current and also escrow can then secure an updated statement that will be sufficient for title transfer.

In conclusion:

The title company requires that buyers/borrowers and sellers fill out the Statement of Information to be able to complete their fiduciary duty to return clear title for the real estate transaction. The documents the title company requires comes from the escrow company after it has been completed by the Buyer or Seller, so your Escrow Officer can discuss the Statement of Information with you. Each transaction is case specific. Your Escrow Officer can clarify the points that are needed to finalize the transaction.

If the Statement of Information requirements give you cause for discomfort, talk to your Escrow Officer about the specific needs of your escrow. Your Escrow Officer will be able to explain the Privacy Act Notice with which CV Escrow is in compliance.

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Tuesdays, here at the CV Escrow website, we post Technology Tips designed to help you, the Realtor, grow your business, keep up to date on the latest technologies, and move you forward into the new era of real estate.

Google is used by millions of people every day to search for everything, including real estate. The buzz at the recent Inman Connect Conference in New York City, was the importance of search and being found on Google by your potential customers. To help Realtor’s do that, Google has created “Google for Real Estate Professionals”, a special section just for agents looking for the tools and tips to harness real estate search capabilities.  Go to Google.com/realestatetools and there you will find Google’s suggestions for utilizing Google Maps, AdWords and YouTube to connect to your potential customers.

As Google states on the site:

“The majority of home buyers use the Internet to research properties. Google makes it easier for real estate professionals to connect with home buyers and renters at every stage – while they’re looking for properties, checking out locations and selecting their agent. It’s how you reach more sellers, attract more buyers and sell more homes.”

Here is a summary of the real estate lead generation options Google highlights:

• Google Maps puts all parts of the property picture together. It’s a free service and one that makes your listings easier for home buyers to find. Are you uploading your listings to Google? Get more information on how to best do this at Google’s FAQ for Real Estate Agents and Brokers. Also, agents should not overlook services like Real Estate Shows where as part of your membership, you can create a property flyer via a simple, templated process, and have that flyer syndicated not only to Google, but also Trulia, Zillow, and other top listing sites.
• AdWords (Google’s paid search results program, also know as pay per click advertising) provides effective and efficient lead generation for real estate professionals. Set whatever budget you are comfortable with, target your ads by demographics and geography, and reach potential buyers and sellers at the precise moment they are looking for properties or agents.
• YouTube: Are you showcasing your listings in video, on your own branded YouTube channel? YouTube isn’t another TV screen, but a window into your business through which viewers can learn about your properties, your people and your ideas. For real estate professionals, it means your listings can sell themselves and home buyers can do a virtual walk-through of potential homes before they contact you.

The site also provides excellent information about using Google Analytics and Insights for Search. The tutorials are well written and easy to understand.

Learning how to best position yourself and your real estate business on Google is fast becoming the critical business skill of the modern Realtor. Google has just made understanding it all a bit easier for the industry with this portal. It’s worth a look.

Interested in what you are reading? To automatically receive these Tuesday Technology Tips in your email box, subscribe to these articles at the top right corner of this site (www.CoachellaValleyEscrow.com) in the box titled “Subscribe via Email”.

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