Escrow & Title
In Florida, a 'lis pendens' recorded against a property means:
AThe property is free and clear of all liens
BThere is a pending lawsuit affecting title to the property✓ Correct
CThe property is in foreclosure and has been sold
DA mechanic's lien has been filed
Explanation
Lis pendens is Latin for 'pending lawsuit.' Recording a lis pendens provides constructive notice that litigation is pending that could affect title to the property, warning potential 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.
Title InsuranceInsurance 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.
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
State-Specific Concepts
Mechanic's Lien
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