What Is A Lis Pendens In Real Estate
A What Is A Lis Pendens In Real Estate lis pendens is a legal term that refers to a pending lawsuit or judgment against a property. In real estate, this means that the property is “locked in” and can’t be sold until the case is resolved. If you’re feeling anxious about your property and wondering what will happen if there is a lis pendens on it, read on for answers. This article will teach you about the basics of lis pendens law and how it affects real estate transactions.
What is a Lis Pendens in Real Estate?
A lis pendens is a legal document that is filed when one party to a real estate transaction believes that the title to the property may be in dispute. The document identifies the parties to the transaction, lists the property’s address, and sets out any conditions that must be met before the sale can go through. If these conditions are not met, then the lis pendens could trigger a court battle between the parties.
What Causes a Lis Pendens to Occur?
A lis pendens is a document filed with the county clerk’s office to indicate that there may be an imminent foreclosure on the property. The document is usually filed when the lender has started the foreclosure process, but the borrower has not yet been served with the notice of sale. If the property is sold before a foreclosure auction, then the lis pendens will be dismissed.
How to Fix a Lis Pendens in Your Property
If you are experiencing a lis pendens (Latin for “law suit pending”) on your property, you may want to know how to fix it. A lis pendens is an official warning from the court that says a legal dispute exists between two parties over ownership of property. This can create difficulties in transferring or selling the property, and can scare potential buyers away. There are several steps you can take to fix a lis pendens on your property and get things moving again.
First, contact the other party involved in the dispute and try to resolve the issue peacefully. If that doesn’t work, go to court and ask for an order declaring that the dispute is resolved. This will stop any further legal action being taken and will allow you to transfer or sell the property as normal.
If all else fails, consider filing for bankruptcy protection to get out of the situation fast. In most cases, a lis pendens will eventually be resolved by either party settling out of court. However, if it gets too complicated or time-consuming, filing for bankruptcy may be your best option.
Conclusion
A lis pendens is a document that is filed with the clerk of the court indicating that there may be an imminent dispute over ownership of real estate. When you file a lis pendens, it gives the opposing party notice that they need to get involved in order to avoid any potential legal issues. If someone files a lis pendens against your property, it is important to act quickly and resolve the issue before it escalates.
