Escrow & Title
A lis pendens recorded against an Alabama property indicates:
AThe property has been sold
BThere is pending litigation affecting the property✓ Correct
CThe property is in foreclosure
DThe property has been condemned
Explanation
A lis pendens (Latin for 'suit pending') is a recorded notice that there is pending litigation that may affect the title to the property. It warns potential buyers that the property's title is in dispute.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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