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A CLUE Report Can Be A Home Buyer’s Nightmare Some little-known reports from a database called the Comprehensive Loss
Underwriting Exchange (known as “C.L.U.E. Reports”), are sending some
home buyers and sellers into a tail spin. The reports are supposed to
contain summaries of insurance claims filed, but often contain entries
that make a potential home buyer, or a house to be sold, look like a bad
insurance risk when they really are not. A claims history “score” can
be negatively affected by. “zero-loss payout” entries in the database,
or even mere inquiries concerning coverage - and that’s the rub.” Recently, a buyer who had filed a claim for hail damage on property she had owned previously in another state was denied coverage when she tried to apply for insurance on a house she was buying in Illinois. Her CLUE Report showed her to be “stigmatized.” Her situation is not unusual. Joint tenancy is widely used but misunderstood Joint tenancy is probably the most common form of ownership for residences and bank accounts between husband and wife. But the fact that joint tenancy is widely used doesn’t mean everyone fully understands it. Joint tenancy has a significant legal effect not only during the lifetimes of joint tenants but also when one of them dies. Each joint tenant, regardless of which one purchased or originally owned the property, has the right to use and share in the income from
the jointly owned property. In essence, the surviving joint tenant then
owns the property free of any claim by the heirs of the joint tenant who
died. This may not have been the intent of the original joint tenants
because it bars descendants, heirs or beneficiaries and all but the surviving
joint tenants from receiving any interest in the property.
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