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LIS PENDENS A legal document recorded in the Bureau of Conveyances, which gives constructive notice that an action has been filed in either a state or federal court affecting a particular piece of property. "Lis Pendens" is a Latin term which means "action pending" and is in the nature of a quasi-lien. ADVERSE POSSESSION The acquiring of title to real property owned by someone else, by means of open, notorious and continuous possession for the statutory period of time (20 years in Hawaii). PRESENT VALUE OF ONE DOLLAR A doctrine which is based on the fact that money has a time value. The present worth of a payment to be received at some time in the future is the amount of the payment less the loss of interest. DEVISE A transfer of real property under a will. INTEREST The sum paid or accrued in return for the use of money. FEASIBILITY STUDY An analysis of a proposed project with emphasis on the attainable income, probable expenses, and most advantageous use and design. TENANCY IN SEVERALTY Ownership of property vested in one person alone, and not held jointly with another; also called Several Tenancy or Sole Tenancy. PARTITION The dividing of common interests in real property owned jointly by two or more persons. TAX LIEN Claim against a property for unpaid taxes. |
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