What is a 'lis pendens' and how does it affect a Delaware real estate transaction?
Why A notice recorded in the public records indicating that a lawsuit affecting title to the property is pending Is Correct
Answer B: A notice recorded in the public records indicating that a lawsuit affecting title to the property is pending
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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Key Terms to Know
A condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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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