Property Ownership
What is a lis pendens's impact on the marketability of Nevada title?
AA lis pendens has no effect on title marketability
BA recorded lis pendens clouds the title, making it difficult or impossible to sell or refinance the property until the underlying litigation is resolved or the lis pendens is expunged✓ Correct
CA lis pendens only affects the seller, not the property
DBuyers are not legally required to be aware of a lis pendens
Explanation
A lis pendens recorded against a Nevada property clouds title and is revealed in the preliminary title report. Most buyers will refuse to purchase, and lenders will decline to lend, until the underlying litigation is resolved and the lis pendens is expunged or released from record.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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