Property Ownership
What is a 'lis pendens' and how does it affect a Hawaii property sale?
AA. A deed restriction placed by the previous owner
BB. A notice recorded in the public record indicating pending litigation that could affect title to the property✓ Correct
CC. A lien for unpaid association dues
DD. A buyer's notice of intent to purchase
Explanation
A lis pendens (Latin for 'suit pending') is a recorded notice that litigation is pending that may affect title to specific property. It puts buyers on constructive notice of the lawsuit.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
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