An Illinois Li's Pendent Notice is a legal document that is filed with the county clerk when a party initiates a lawsuit involving real estate. The Notice serves as a public notice of the pending lawsuit and creates a lien on the property involved in the dispute. This lien puts potential buyers and lenders on notice that the title to the property is in dispute and that they may be responsible for the outcome of the lawsuit. There are two types of Illinois Li's Pendent Notice. The first type is a Li's Pendent Notice for Foreclosure proceedings, which is filed when a borrower defaults on a loan and the lender initiates foreclosure proceedings. The second type is a Li's Pendent Notice for Partition proceedings, which is filed when two or more co-owners of the property are in dispute over the division of the property.
Illinois Lis Pendens Notice
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How to fill out Illinois Lis Pendens Notice?
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Notice of Default ? Foreclosure starts when your lender records a Notice of Default against your property with the Registrar Recorder's office. The Notice of Default tells you the total amount you owe including missed payments and foreclosure fees.
The doctrine of lis pendens literally means ?pending suit,? and lis pendens notices are the machinery whereby a party with an unrecorded or unperfected claim to real property can put third persons interested in the property on notice of the claim or interest.
A notice of lis pendens under Illinois law for filing in the public records (the office of the county recorder) to provide constructive notice to third parties of a pending legal proceeding affecting or involving Illinois real property.
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.
A lis pendens notice ensures that a judgment entered in a pending suit is enforceable regarding the real property in the hands of a subsequent transferee as if the property were still owned by the litigant-transferor.
A lis pendens, on the other hand, is a notice that lenders use when they initiate the foreclosure. The lis pendens notifies all parties that the property is part of a lawsuit and is filed with the county recorder's office and made public record.
A lis pendens ? also called a notice of pendency of action ? is a special type of legal document filed with a county recorder.