Escrow & Title
A Wisconsin lis pendens is a document recorded to give notice that:
AThe property is being sold
BLitigation is pending that may affect title to the property✓ Correct
CThe property taxes are delinquent
DA new mortgage has been placed on the property
Explanation
A lis pendens ('suit pending') is a recorded notice that legal action is pending that may affect title to or an interest in the real property described.
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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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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