Property Ownership
In West Virginia, a 'lis pendens' recorded against a property provides notice that:
AThe property has been sold at foreclosure
BThere is pending litigation that may affect title to the property✓ Correct
CThe property has environmental contamination
DThe property taxes are delinquent
Explanation
A lis pendens (Latin for 'lawsuit pending') recorded in the West Virginia county clerk's office provides constructive notice to potential buyers and lenders that there is litigation pending that may affect ownership or title to the property.
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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.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Math Concepts
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