Escrow & Title
A 'lis pendens' recorded against a Louisiana property means:
AThe property has a valid survey on file
BThere is a pending lawsuit affecting title to the property✓ Correct
CThe property taxes are current
DThe seller has accepted an offer
Explanation
A lis pendens is a recorded notice that a lawsuit has been filed involving the title to a specific property. It warns potential buyers and lenders that the title may be affected by the litigation.
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Key Terms to Know
Title Insurance
Insurance 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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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