A lis pendens is an official, public notice that signifies a lawsuit or other legal action has been brought against a particular property. It’s typically used during contested divorce proceedings, foreclosure actions, or tax disputes in which the rightful ownership of a property is in dispute.
A lis pendens is a legal document that is filed in the county recorder’s office. It’s intended to put potential purchasers on notice that a lien or claim against the property exists - if they choose to purchase the property, they’re taking ownership with the understanding that the lawsuit must be resolved before the dispute can be fully resolved.
This public notice also serves to prevent the owner of the property from transferring the deed without paying off any existing debt or solving the legal dispute. In most cases, a lis pendens will cause any potential buyers to reconsider their purchase until the title is successfully cleared of any claims. Owners of the property can also be prohibited from selling it until the dispute is resolved or paid off.
Though the suit can typically only be recorded if it’s related to the property’s ownership, the buyer must typically assume any pending litigation associated with it. This guarantees that the buyer will be able to take possession of the property once the litigation is over, or resolve any existing claims during the sale.
In the case of foreclosures, the lis pendens signifies that the owner of the property has defaulted on their loan and that the lender is taking the property back. It also describes the lender’s rights to manage or sell the property, allowing a fair sale process while protecting the interests of all parties involved.
In summary, a lis pendens is an important legal reminder that a property has a pending legal claim or dispute attached to it. This document allows potential buyers to make informed decisions when considering the purchase of a property, while also preventing the sale of a property with any unresolved lien or debt.
A lis pendens is a legal document that is filed in the county recorder’s office. It’s intended to put potential purchasers on notice that a lien or claim against the property exists - if they choose to purchase the property, they’re taking ownership with the understanding that the lawsuit must be resolved before the dispute can be fully resolved.
This public notice also serves to prevent the owner of the property from transferring the deed without paying off any existing debt or solving the legal dispute. In most cases, a lis pendens will cause any potential buyers to reconsider their purchase until the title is successfully cleared of any claims. Owners of the property can also be prohibited from selling it until the dispute is resolved or paid off.
Though the suit can typically only be recorded if it’s related to the property’s ownership, the buyer must typically assume any pending litigation associated with it. This guarantees that the buyer will be able to take possession of the property once the litigation is over, or resolve any existing claims during the sale.
In the case of foreclosures, the lis pendens signifies that the owner of the property has defaulted on their loan and that the lender is taking the property back. It also describes the lender’s rights to manage or sell the property, allowing a fair sale process while protecting the interests of all parties involved.
In summary, a lis pendens is an important legal reminder that a property has a pending legal claim or dispute attached to it. This document allows potential buyers to make informed decisions when considering the purchase of a property, while also preventing the sale of a property with any unresolved lien or debt.