Escrow & Title
A 'lis pendens' filed against a New York property provides:
AA guarantee of title
BNotice to the public that litigation affecting the property is pending✓ Correct
CAutomatic transfer of ownership to the plaintiff
DA lien with priority over all other encumbrances
Explanation
A lis pendens (Latin: 'suit pending') is a notice recorded in the county land records that puts the public on constructive notice that a lawsuit affecting the title or possession of a specific parcel of real property is pending.
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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.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
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