Oregon Release of Lis Pendens

• Category: Real Estate - Lis Pendens
• State: Multi-State
• Control #: US-00403BG
• Format: Word

Description

Lis Pendens means "a suit pending". A lis pendens is a written notice that a lawsuit has been filed involving the title to real property or some interest in that real property. Notice to the defendant who owns the property and potential buyers or lenders is given by filing the lis pendens with the clerk of the court, certifying that it has been filed, and then recording it with the County Recorder. The lis pendens must include a legal description of the real property, and the lawsuit must involve the property. A person who records a false lis pendens will be subject to the penalty of payment of attorney's fees. A petition to remove the lis pendens from real property may be brought by the defendant when the property is not involved in the lawsuit.

Oregon Release of Li's Pendent: A Comprehensive Guide Keywords: Oregon, Release of Li's Pendent, types Introduction: In the legal sphere, a "Li's Pendent" is a Latin term meaning "litigation pending," usually referring to a notice filed in public records to inform potential buyers or creditors about a pending lawsuit related to a specific property. However, once the lawsuit is resolved, a Release of Li's Pendent is crucial to clearing any encumbrances on the property's title, allowing for smooth real estate transactions. This article will provide a detailed overview of the Oregon Release of Li's Pendent, including its purpose, process, and potential types. Purpose of Oregon Release of Li's Pendent: The primary objective of an Oregon Release of Li's Pendent is to inform interested parties that a previously filed Li's Pendent has been removed or "released." By doing so, this legal document removes the cloud on the property's title, enabling the owner to sell, refinance, or further utilize the property without any complications arising from the previously pending litigation. Process of Oregon Release of Li's Pendent: To initiate the Oregon Release of Li's Pendent, the party who initially filed the Li's Pendent (plaintiff) must formally request its cancellation with the court. This request includes providing evidence that the lawsuit has been concluded, withdrawn, or otherwise dismissed. Upon validating the resolution, the court will issue an official document called the Release of Li's Pendent, which marks the termination of the lawsuit's effects on the property title. Types of Oregon Release of Li's Pendent: 1. Voluntary Release of Li's Pendent: This type of Release of Li's Pendent occurs when the plaintiff willingly requests the removal of the notice after the lawsuit's resolution. It typically accompanies the successful conclusion of the case or the reaching of a settlement agreement between the parties involved. 2. Involuntary Release of Li's Pendent: In some instances, the court may order an involuntary Release of Li's Pendent when it determines that the Li's Pendent was improperly filed or that there are compelling reasons to remove the notice. This could occur if a party fails to prosecute the lawsuit diligently or fails to demonstrate a valid claim against the property. 3. Lapse or Expiration of Li's Pendent: In certain circumstances, if a Li's Pendent is not actively prosecuted, it may automatically lapse or expire according to Oregon law. This lapse means the Li's Pendent is no longer effective, and a property owner can proceed with an Oregon Release of Li's Pendent without court intervention. However, it is essential to consult with legal counsel to ensure compliance with applicable statutes. Conclusion: The Oregon Release of Li's Pendent is a vital legal mechanism ensuring the proper release of a previously filed Li's Pendent once a related lawsuit has concluded. It brings clarity to a property's title by removing any encumbrances generated from the pending litigation. Whether a voluntary, involuntary, or a lapsed Release of Li's Pendent, it guarantees a smooth transition for property owners to engage in real estate transactions without any dispute arising from previous legal matters.