Escrow & Title
A 'lis pendens' filed against a North Dakota property notifies:
AThe seller that their property will be listed for sale
BPotential buyers and the public that litigation is pending that may affect title✓ Correct
CThe county that property taxes are due
DThe lender that a payoff is requested
Explanation
A lis pendens (Latin for 'suit pending') is a notice recorded in the public record alerting potential purchasers and lenders that litigation involving the property is pending. Anyone who acquires the property after the lis pendens takes it subject to the outcome of the litigation.
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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.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Math Concepts
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