What legal concept describes the restriction of a title due to a pending lawsuit?

Prepare for the PSI Property Ownership Exam with flashcards and multiple choice questions. Each question comes with hints and explanations to optimize your study time. Get exam-ready today!

The legal concept that describes the restriction of a title due to a pending lawsuit is known as lis pendens. This Latin term translates to "suit pending" and serves as a notice that a lawsuit has been filed concerning a specific property. By recording a lis pendens, a party effectively alerts potential buyers or interested parties that there is a legal claim against the property, which could affect the title or ownership rights. This serves an important purpose in real estate, as it helps protect the interests of the parties involved in the litigation by ensuring that the property cannot be freely transferred while the lawsuit is ongoing.

Easement by prescription pertains to the right to use someone else's property after a certain amount of time has passed, while adverse possession refers to a situation where one party may claim ownership of a property under certain conditions after continuous and overt use. A party wall easement involves shared walls or fences typically found in urban settings. None of these concepts directly relate to the restriction of title due to a pending lawsuit, making lis pendens the most appropriate choice for this particular question.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy