New Jersey Lis Pendens
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How to fill out New Jersey Lis Pendens?
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FAQ
Lis Pendens is Latin for "litigation pending". Think of Lis Pendens as "notice of lawsuit". Once recorded this gives notice to the world that there is litigation pending over a parcel of real property. A buyer would be held subject to the outcome of the litigation.
Lis pendens is nothing more or less than an official public notice that a lawsuit has been filed that involves a claim on a property.One party is using lis pendens as a way to protect its claim, and in the process, create hurdles for selling the property. It won't prevent the sale, but most buyers will steer clear.
Lenders are usually unwilling to finance a mortgage until the lis pendens has been removed from the title. In addition, while a property can still be sold while there is a lis pendens, title companies will not insure the property, and that alone should be a deterrent to purchasing.
A lis pendens may be removed through a motion to expunge. A motion to expunge may be granted if the underlying lawsuit or other court action does not contain a real property claim that has probable validity. The motion will be granted it if is more likely than not that the underlying lawsuit or claim will fail.
Legal Definition of lis pendens 1 : a pending suit. 2 : a written notice of a pending suit involving property usually filed in the appropriate office (as a registry of deeds) called also notice of pendency. 3a : the jurisdiction and control of the court over property involved in a pending suit.
Technically, a homeowner can go ahead with selling a house under lis pendens, but it will likely be difficult to find a buyer particularly because a bank will not usually agree to loan money for the purchase.
Lenders are usually unwilling to finance a mortgage until the lis pendens has been removed from the title. In addition, while a property can still be sold while there is a lis pendens, title companies will not insure the property, and that alone should be a deterrent to purchasing.
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.
Lis pendens provides constructive notice, or a warning, to prospective homebuyers that the ownership of a property is in dispute and there is litigation pending. Lis pendens can only be filed if a claim is related specifically to the property.