Escrow & Title
In South Carolina, a 'lis pendens' is a recorded notice that:
AConfirms clear title has been established
BProvides public notice that the property is subject to pending litigation✓ Correct
CReleases a mortgage lien upon payoff
DGrants the right of first refusal to an adjoining owner
Explanation
A lis pendens (Latin for 'suit pending') is recorded in county real estate records to notify potential buyers and lenders that there is pending litigation affecting the property. It clouds title until the lawsuit is resolved.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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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