Posted - Thursday, May 20th, 2010
The New California Association of Realtor Purchase Agreement
The new CAR Residential Purchase Agreement and Joint Escrow Instructions have been revised, effective 4/30/10. The new form affects escrow in the following way: Sellers are now required to submit a Statement of Informationform to the settlement agent within 7 days of acceptance of the contract. In order to accomplish this, Pacific Coast Title will make this form available in a variety of ways.
The Statement of Information form is available on our website, under the Consumer Info Resource Center button on the side bar to your right, then click on Escrow/Title Forms and Information. This form is a word document and can be completed online, printed, signed by all sellers (or buyers, if required for title insurance purposes) and submitted to your escrow officer.The form is also included in issued preliminary reports and can be obtained from your Pacific Coast Title Representative and any of our Escrow Officers. Our Escrow Officers are also prepared to have this requirement waived from the contract if requested by the Sellers and can accommodate the request when an SI is not a requirement to issuing the Title Policy. If agents, buyers or sellers have any questions with these requirements, please contact your escrow officer.
Statement of Information.doc