Escrow & Title
A 'lis pendens' filed against a Maine property provides notice that:
AThe property has been sold
BThere is pending litigation affecting title to the property✓ Correct
CThe property is exempt from property taxes
DThe property owner has died
Explanation
A lis pendens (Latin for 'suit pending') is a notice filed in the public record that there is pending litigation affecting title to the real property, warning potential buyers and lenders.
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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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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
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