Escrow & Title
In New Mexico, a 'lis pendens' recorded against a property means:
AThe property taxes are delinquent
BThere is pending litigation affecting title to the property✓ Correct
CThe property is in foreclosure
DA mechanic's lien has been filed
Explanation
A lis pendens (Latin: 'suit pending') is a notice recorded in the county records warning potential buyers and lenders that the property is subject to pending litigation that could affect title or ownership.
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Key Terms to Know
Lien
A 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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Math Concepts
State-Specific Concepts
Mechanic's Lien
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