Closings glossary
Lis pendens
A notice of pendency recorded against the property when litigation affecting title is filed. It warns the world and binds later purchasers to the result of the case.
What is a lis pendens?
Quick Answer
The full definition
A notice of pendency recorded against the property when litigation affecting title is filed. It warns the world and binds later purchasers to the result of the case.
Also called: Notice of pendency.
Which related terms should you know?
These are the terms that come up alongside lis pendens in the same file.
- Cloud on title
- Any claim or encumbrance that may impair the owner's title. New York owners resolve the serious ones through a quiet title action under RPAPL Article 15.
- Foreclosure search
- A record search for foreclosure actions touching the property or the current owner. Prior foreclosures in the chain often need extra proof that every necessary party was served.
- Marketable title
- Title a reasonable buyer would accept, free of defects that would expose that buyer to litigation. Most New York contracts require the seller to convey it at closing.
- Judgment lien
- A lien created by docketing a money judgment against the owner. It reaches real property in the county of docketing and is a routine payoff item at a closing.
- Title search
- The records examination behind a title report, covering the chain of title, encumbrances and court filings against the owners. It precedes the commitment.
Where does lis pendens come up in a New York City closing?
A partition action between two Queens siblings puts a lis pendens on the house, and the contract of sale cannot close until the notice is cancelled.
What else should you read before closing?
Questions this raises
- What happens if the title search finds a problem before closing?Schedule B-I requirements are the punch list, not a dead deal. How New York closings clear old liens, missing satisfactions and name hits before th...
- What is curative title work?Curative work clears Schedule B-I before closing: payoffs, missing satisfactions, heirship affidavits, ACRIS indexing fixes and escrow holdbacks in...
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