Schaub Team gathered this past week to complete the necessary continuing education requirements for our Real Estate licenses with Gwyn Besner of the Acme Institute.

Follow are some changes that may be of interest to our readers:

• Public Act 572 of 2018 amends the Michigan Marketable Record Title Act. Failure to heed its new requirements may result in the loss of title unless landowners record a “notice” to preserve their interests – particularly those in land created more than 40 years ago such as:
  • Building and use restrictions created in deeds, plats, condominium master deeds, and recorded documents
  • Easements that haven’t been improved or visibly used
  • Conservation easements
  • Rights to mine sand, gravel, and limestone
  • Other interests in land owned by persons other than the surface landowner

For more information on this topic, read a recent article published by John D. Barley.

• CLUE (Comprehensive Loss Underwriting Exchange) Report. A CLUE report will contain any insurance claims made on a property over the past 5-7 years, no matter how small according to a recent article by Bankrate. The report will contain information on the date, type of loss, the amount recovered by the insurance company or if the claim was denied. Insurers may use the CLUE report to gain a better picture of the property before setting a rate. Homeowners can also request a CLUE report for free, one time per year from LexisNexis. But, only the owner of the property may access this. If you’re a potential buyer, you can request to see the CLUE report from the owner. If you are interested in selling, you may wish to pull the CLUE report to check for accuracy and potentially have available for prospective buyers.