Elizabeth, New Jersey Notice of Li's Pendent regarding Foreclosure Action: A Detailed Description A Notice of Li's Pendent is a legal document filed by a party involved in a foreclosure action in Elizabeth, New Jersey. This notice indicates that a lawsuit has been filed relating to the property and alerts potential buyers or interested parties of the pending litigation. It serves as a public notice that should be taken into consideration before engaging in any real estate transactions involving the property in question. In Elizabeth, New Jersey, there are several types of Notice of Li's Pendent related to foreclosure action that can be issued: 1. Residential Foreclosure Li's Pendent: This type of notice is filed when a residential property, such as a single-family home or a condominium unit, is subject to foreclosure proceedings. The notice warns potential buyers or interested parties about the legal actions taking place. 2. Commercial Foreclosure Li's Pendent: If a commercial property, such as an office building, retail space, or industrial facility, is undergoing foreclosure, this type of notice is filed. It is aimed at alerting business entities or individuals about the ongoing litigation that may affect the property's ownership or transfer. 3. Foreclosure Li's Pendent with Invalid Lien Claims: Sometimes, a Notice of Li's Pendent may be filed with invalid lien claims, which means that the party initiating the foreclosure action may not have a legally valid claim against the property. This type of notice helps potential buyers or interested parties understand that the lawsuit may lack substantial grounds. 4. Li's Pendent Vacated or Expired: A Notice of Li's Pendent can be considered vacated or expired if the foreclosure action has been resolved or dismissed, or if a certain period of time has passed without any further action taken. This type of notice indicates that the property is no longer encumbered by pending litigation. 5. Li's Pendent Removal: In some cases, a party may file for removal of a Notice of Li's Pendent if they believe it was filed mistakenly or with malicious intent. The court can then decide whether to remove the notice from the property records. Understanding the implications of a Notice of Li's Pendent is crucial when considering real estate transactions in Elizabeth, New Jersey, as it signals potentially serious legal issues associated with the property. It is always recommended consulting with a qualified real estate attorney or professional before proceeding with any transactions involving properties that have active Notices of Li's Pendent.
Elizabeth New Jersey Notice Of Lis Pendens regarding Foreclosure action
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How to fill out Elizabeth New Jersey Notice Of Lis Pendens Regarding Foreclosure Action?
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FAQ
Purpose. This is a legal notice to show pending litigation relating to real property, and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation.
Filing and Serving the Notice of Lis Pendens. File the notice of lis pendens: With the county recording office in the county where the real property is located. After filing the complaint in the litigation that directly involves the real property.
A ?lis pendens notice? is a notice recorded in a real property's chain of title and is designed to enable interested third parties to discover the existence and scope of pending litigation affecting the title to or asserting a mortgage, lien, security interest, or other interest in real property.
A notice of lis pendens to file with a county recording office in New Jersey to provide constructive notice to third parties that a legal proceeding is pending in a New Jersey court that asserts a claim against title or some other ownership interest in the real property.
When to Use a Discharge of Lis Pendens. The notice of lis pendens is effective for five years from the filing date (N.J.S.A. 2A:15-11).
336, 345-47 (Law. Div. 1999)). Serve the notice of lis pendens on the property owner and any other defendant within three days of filing with the county recording office.
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.
The notice of lis pendens is effective for five years from the filing date (N.J.S.A. 2A:15-11). However, the notice of lis pendens can be discharged when: The plaintiff fails to diligently prosecute the action (N.J.S.A.
To start with, a lis pendens is a filing only providing notice that a lawsuit involving a dispute over ownership to real estate is being litigated. The only purpose of a lis pendens is to provide notice of the existing lawsuit and nothing more. Thus, a lis pendens itself is not a standalone lawsuit.