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Viewing 9 posts - 1 through 9 (of 9 total)
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  • April 12, 2012 at 7:54 PM #19692
    ltsddd
    Participant

    Has anyone here heard of or gone through the process of filling out the “Statement of Information Confidential Info For Your Protection” form from an escrow company as a buyer? This is coming from Chi** (Big Illinois city) Title Company. I am utterly shocked at the kind of information they are asking for:
    SS#,
    name,
    DOB,
    phone,
    birthplace,
    driver’s license,
    state of residence,
    length of time in US,
    marital status (and if yes then provide the same info pertaining to the spouse) or DOMESTIC PARTNER,
    marital history,
    Children’s names and DOB,
    Occupation,
    Information about the property:
    primary, rental?
    has there been improvements made last six mos?
    if yes, have all the costs been paid/settled?

    It looks more like they’re screening for potential se cret service agents than potential home buyers.

    April 12, 2012 at 10:39 PM #741583
    sdrealtor
    Participant

    Thats all pretty standard and used in the title search

    April 12, 2012 at 11:01 PM #741584
    paramount
    Participant

    I’ve never had to do that, and I bought a house last summer (2011).

    April 13, 2012 at 5:29 AM #741595
    ltsddd
    Participant

    [quote=sdrealtor]Thats all pretty standard and used in the title search[/quote]

    I personally have not seen this with other escrow companies. I am not too familiar with the whole process but it somehow seems unnecessary to ask that kind of information from the BUYERS. I went through escrow last summer and didn’t see that kind of info being requested.

    April 13, 2012 at 8:47 AM #741603
    heywood
    Participant

    They ask for it but you don’t have to provide it. When I filled in that form I asked my agent and he explained that it is to assist with the title search, for example is if someone had the same name as you the records could be confused. In my case they said my name was uncommon enough that if I wanted to leave off particular items it wouldn’t be a problem. Call the escrow company and talk to them, thats what you pay them for after all.

    April 13, 2012 at 9:06 AM #741605
    SD Realtor
    Participant

    You better be accurate about marital history.

    This could be problematic at closing because the lender may require quit claims depending on that.

    April 13, 2012 at 10:22 AM #741612
    ltsddd
    Participant

    [quote=heywood]They ask for it but you don’t have to provide it. When I filled in that form I asked my agent and he explained that it is to assist with the title search, for example is if someone had the same name as you the records could be confused. In my case they said my name was uncommon enough that if I wanted to leave off particular items it wouldn’t be a problem. Call the escrow company and talk to them, thats what you pay them for after all.[/quote]

    I understand. I think this particular company is just looking for an easy way to do the job. It’s just crazy that they should even ask some of those questions (i.e. about kids). I was so taken aback about the questions about our remodeling/repairing of the property within the last six months and whether or not the accounts were settled that instead of checking the boxes I wrote down that effectively says “How the hell would I know since I didn’t know anything about this property until a few weeks ago and why would I do any repair/remodel on a property that I didn’t even know exist.”

    Sloppy/Lazy at best and stupidity at worst.

    April 13, 2012 at 10:59 AM #741613
    heywood
    Participant

    [quote=ltsdd]I was so taken aback about the questions about our remodeling/repairing of the property within the last six months and whether or not the accounts were settled that instead of checking the boxes I wrote down that effectively says “How the hell would I know since I didn’t know anything about this property until a few weeks ago and why would I do any repair/remodel on a property that I didn’t even know exist.”[/quote]

    Actually, think about it – this is to help protect you. Unpaid contractors can put a lien on the property. If you know any of this information then it will help the title company to ensure that everything is kosher.

    Also keep in mind this is probably a boiler plate form that they give to buyer and seller. It never hurts to have more information. It helps them get through their process more efficiently. Say the title search turns something up, if they don’t already have the info they have to come back and ask you for it, or worse, give you wrong information. I’m sure the form has these questions because the answers have been needed on previous transactions. You can always decline to give the answer or talk to the agent about why its needed.

    I don’t get why you are annoyed by this – in the end the title search is to protect you, the buyer (and the mortgage holder).

    June 25, 2012 at 8:05 AM #746386
    Anonymous
    Guest

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