Escrow & Title
In Vermont, a lis pendens (notice of pending litigation) affects a property by:
AImmediately transferring title to the plaintiff
BProviding constructive notice to subsequent buyers of the pending legal action affecting the property✓ Correct
CFreezing all transfers until the Vermont Real Estate Commission approves the sale
DExempting the property from property taxes during litigation
Explanation
A lis pendens is recorded to provide constructive notice that there is pending litigation affecting the property's title. Any buyer who purchases the property after the lis pendens is recorded takes subject to the outcome of that litigation.
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Key Terms to Know
Abstract of Title
A 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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
Math Concepts
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