A lis pendens is an official notice to the public that a lawsuit involving a claim on a property has been

filed. Lis pendens is connected to the concept that a property buyer must assume any litigation that
exists pertaining to the property.

If a bank is suing the owner of a lot and a new buyer purchases it, the new owner inherits the
responsibility of the lawsuit; the sale of the property does not prevent the plaintiff from seeking redress
via litigation. It can represent a contingent liability.

A right of first refusal is a contractual right giving its holder the option to transact with the other
contracting party before others can. The ROFR assures the holder that they will not lose their rights to
an asset if others express interest.