Escrow & Title
In Michigan, a 'lis pendens' recorded against a property means:
AThe property is free and clear of all liens
BThere is a pending lawsuit affecting the title to the property, providing constructive notice to potential buyers✓ Correct
CThe property is listed for sale on the MLS
DThe mortgage has been paid off
Explanation
A lis pendens (notice of pending litigation) recorded with the county register of deeds provides constructive notice that there is a lawsuit affecting the title to a specific property, warning potential buyers of the pending dispute.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA 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.
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