Liens & Lis Pendens — part of Legal Aspects of Real Estate. Study the key terms below, then mark this lesson complete to advance your progress.
Trust Deed (Deed of Trust): California security instrument — borrower gives deed to trustee to hold as collateral for lender.
Title: Legal evidence of ownership — the right to possess and use the property.
Deed: Written instrument that transfers ownership of real property from grantor to grantee.
Title Insurance: Insurance protecting buyer/lender against undiscovered title defects.
Lis Pendens: Notice recorded on title warning of pending lawsuit affecting the property.
Foreclosure: Legal process where lender seizes property when borrower defaults on mortgage.