Title companies often ask the parties to transactions to complete a Statement of Information form. The form requests the full name of the party, as well as identifying information such as date of birth, driver’s license number and social security number. The form will also request information on whether the party is married or has previously been married. The form typically may also request employment and address information for the past ten years, as well as the information for any mortgage that the party currently has on the property. We often get comments that the form is asking for too much information.
There are a number of laws that affect title to real property. Texas is a Community Property State, so the marital status of the party is significant in determining whether a spouse or former spouse has a legal interest in the property that must be resolved at or before closing. Texas statutes also allow involuntary liens, such as judgments, to attach to non-homestead property. There are also statutory liens that attach to both homestead and non-homestead property. Involuntary and statutory liens may or may not contain full identification information on the judgment debtor. In order to determine if a judgement filed against a person with the same or a similar name to the one of the parties is applicable, having identifying information such as driver’s license, date of birth, social security, residence and employment information can assist the title examiner in quickly eliminating judgments that contain conflicting information.
In short, the Statement of Information provides your title company with information that is pertinent to the examination of title to the property and which allows the title company to efficiently deal with issues that may arise during the examination process. Completion of the form by the parties early in the transaction typically means a smoother transaction with less chance of a delay due to a title issue.
If you would like to use a knowledgeable title company conveniently located in the Heights, please give us a call.
Fidelity National Title, 1512 Heights Blvd., Houston, TX 77008 (713) 529-8800.