Escrow & Title
What is a 'notice of pendency' (lis pendens) in Delaware real estate?
AA notice that a property is pending sale
BA notice filed in public records indicating that litigation is pending that could affect title to the property✓ Correct
CA notice to the Commission that a license is pending renewal
DA notice to the buyer that the seller's mortgage is pending payoff
Explanation
A lis pendens (notice of pendency) is a formal notice filed in the county land records alerting prospective buyers and lenders that litigation is pending that may affect ownership or title to the subject property.
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Key Terms to Know
Chain of Title
The sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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.
Math Concepts
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