LIS PENDENS
A Latin word meaning "suit pending"; a recorded and an official notice to the public about filing a lawsuit. It is a concept where any property buyer must assume any litigation that is existing in that property. If an individual buys a property that a banking institution was suing the previous owner for, the new owner of that property must face the suit. Selling the property won’t prevent the plaintiff from seeking redress through litigation.
Abbreviated as "lis pend".
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Original Cost
It simply refers to the total cost associated in buying an asset.
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