Escrow & Title
A lis pendens is recorded in the Connecticut land records to:
ATransfer title to a new owner
BProvide public notice that a lawsuit is pending that may affect the property✓ Correct
CRelease a mortgage after payoff
DCreate a new lien on the property
Explanation
A lis pendens ('pending lawsuit') is a recorded notice that a lawsuit is pending that may affect title to the real property, warning prospective buyers and lenders of the cloud on title.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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