Lis Pendens Notice
Description Lis Notice Form
How to fill out Lis Pendens In Texas?
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Lis Pendens Notice Form Document FAQ
Once the lis pendens is filed, it will become part of the public record because it is a constructive notice. This also means that if you didn't receive notification directly (perhaps you were sent a letter that got lost in the mail), the lis pendens still remains in effect.
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.
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.
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.
The homeowner can enter into a contract to sell the property, but the claim of the person who has filed the lis pendens has to be paid or settled before title can pass free and clear to the buyer. If the house closes, the buyer would ultimately have to accept the outcome of the pending litigation.
The recording of a lis pendens creates a cloud on title which notifies interested parties of the pending claims against the subject property. The presence of a recorded lis pendens can make it nearly impossible to finance, refinance or sell the subject property until the lis pendens has been removed.
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 homeowner can enter into a contract to sell the property, but the claim of the person who has filed the lis pendens has to be paid or settled before title can pass free and clear to the buyer. If the house closes, the buyer would ultimately have to accept the outcome of the pending litigation.
How long it takes for your home to foreclose once you receive notice of lis pendens will depend on the state. In California, it might take a minimum of 120 days, and 180 days in Florida, while in New York it can take as long as 15 months after the notice is filed.