What is a 'notice of pendency' (lis pendens) in Delaware real estate?
Why A notice filed in public records indicating that litigation is pending that could affect title to the property Is Correct
Answer B: A notice filed in public records indicating that litigation is pending that could affect title to the property
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
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.
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