Escrow & Title
In Indiana, 'lis pendens' is a recorded notice that:
AA property is listed for sale with a licensed broker
BA pending lawsuit affects title to the property✓ Correct
CThe property taxes are delinquent
DThe property has been condemned by local government
Explanation
Lis pendens (Latin for 'lawsuit pending') is a recorded notice alerting potential buyers and lenders that there is active litigation that may affect the title or ownership of the property. It serves as constructive notice to the world.
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Key Terms to Know
Abstract of Title
A condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
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