Escrow & Title
A Virginia title search discovers a recorded lis pendens against the seller related to a pending divorce proceeding. This creates a cloud on title because:
ADivorce proceedings always invalidate real estate sales
BThe lawsuit could result in a court judgment affecting the property's ownership or distribution✓ Correct
CThe circuit court automatically freezes all real estate sales
DVREB suspends all transactions during divorce
Explanation
A lis pendens in a divorce proceeding puts prospective buyers on notice that ownership or distribution of the property may be adjudicated by the court. The title must be cleared of this cloud before conveying marketable title.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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