Property Ownership
What is a lis pendens in Minnesota real estate?
AA type of warranty deed
BA recorded notice that litigation is pending that may affect title to the property✓ Correct
CA government lien for unpaid property taxes
DA release of mortgage recorded at payoff
Explanation
A lis pendens (Latin for 'pending lawsuit') is a recorded notice that litigation is pending that may affect the title or ownership of the real property. It warns potential buyers and lenders that the property's title may be at risk, effectively clouding the title during the litigation.
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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.
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.
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