Keywords: Arizona, Release of Li's Pendent, detailed description, types A Release of Li's Pendent, also known as a Notice of Release of Li's Pendent, is a legal document that removes or cancels a previously filed Li's Pendent on a property in the state of Arizona. A Li's Pendent is a written notice filed in the county recorder's office that serves as a public record of a pending lawsuit or legal action affecting a specific property. In Arizona, there are mainly two types of Releases of Li's Pendent: 1. Voluntary Release of Li's Pendent: This type of release is filed by the party who initially filed the Li's Pendent. Once the underlying lawsuit or legal action has been resolved, withdrawn, or dismissed, the party can request to release the Li's Pendent voluntarily. It is essential to ensure that all necessary paperwork is completed accurately to protect the property owner's interests. 2. Court-Ordered Release of Li's Pendent: In some cases, when a lawsuit or legal action has been concluded by a court ruling or settlement, the court may issue a court-ordered release of Li's Pendent. This order is a formal declaration from the court directing the county recorder to remove the Li's Pendent from the property records. The court order ensures that the property's title is free from any encumbrances or claims related to the concluded legal action. The Arizona Release of Li's Pendent document contains various important components. Firstly, it should include the names of the parties involved, such as the property owner, the party who filed the initial Li's Pendent, and their respective attorneys, if applicable. Secondly, it should specify the property's legal description, including the county, city, lot, and other relevant details to clearly identify the property in question. Additionally, the Release of Li's Pendent should contain a statement on the reason for the release, whether voluntary or court-ordered. It should also reference the case or lawsuit number, the court where the action was filed, and the date of the initial Li's Pendent filing. This information ensures proper documentation and traceability. Furthermore, the Release of Li's Pendent document should be notarized to validate its authenticity. The notary public will verify the identities of the signing parties, witness their signatures, and affix their official seal as proof of proper execution. The notarization adds a layer of legality and credibility to the released Li's Pendent. It is crucial for property owners, buyers, and real estate professionals in Arizona to be aware of the two main types of Releases of Li's Pendent and their significance. Understanding the purpose and process of releasing a Li's Pendent can help protect one's property rights and facilitate smoother real estate transactions in the future.
Arizona Release of Lis Pendens
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How to fill out Arizona Release Of Lis Pendens?
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A.R.S. § 33-420 provides for severe penalties if a Notice of Lis Pendens is recorded in violation of law, including treble (three times) the owner's actual damages or statutory damages of $5,000 (whichever is greater) and attorneys' fees.
If you receive a discharge of lis pendens, it means your property no longer has a claim or lawsuit against it.
Said Lis Pendens remains as long as the action is pending, unless it is voluntarily withdrawn or expunged (wipe out - erase) by motion to the court. Caution should still be used even if the Lis Pendens is removed since danger may still exist for a Title Company.
Lis Pendens is Latin, meaning "Suit Pending" In Arizona a Lis Pendens is filed to notify the world that a case/action is pending on a parcel of property. The suit must involve title to the real property.
Lis Pendens is the Latin phrase for pending litigation. More commonly, a lis pendens is referred to as a ?notice of pending action.? Persons who buy or lend on the real estate after a lis pendens has been recorded take the property subject to the claimant's right, if any, to the real estate.
The lis pendens, when recorded, is a notice warning all prospective buyers or encumbrances that title to or possession of the real estate is in dispute. PRESERVATION OF TITLE. The purpose of a recorded lis pendens is to preserve rights to the real estate until the dispute with the owner is resolved.
Title companies usually refuse to insure title when a lis pendens is recorded which involves a specific performance action. Without title insurance, buyers will not buy, lenders will not lend and tenants will not occupy the property.
