"Lis pendens" is in Latin, much like many other important legal term. To a non-lawyer, it's also like that the term doesn't make much sense. The term deserves a thorough explanation, since it's an important one to know, so read on.
On direct translation, "lis pendens" actually means "suit pending." You can use this term to discuss any lawsuit that doesn't currently have a final decision in the United States. If you're considering purchasing a home soon, what does this term mean for your situation? More than you might originally think, actually. Refer to the discuss below for more.
Once understood to mean any suit at all that was currently without a final decision, lis pendens is relevant to many real estate transactions today. Today, the current trend makes only written notices filed about real property and sometimes parental responsibility matters the subject of the term lis pendens in today's legal terminology. Lis pendens thus involves the title to the property itself or a situation where someone has claimed an ownership interest in the property. If you're looking for a lis pendens, also known as a notice, search in the county land records office.
It is important to understand the ramifications for a potential home buyer. When the property's title is being challenged in some way, the lis pendens serves a notice to a potential buyer. You've got another problem to worry about if, in spite of its existence, you purchase property after the lis pendens has been filed. The property will be taken subject to the final decision in the pending lawsuit for which the lis pendens served as original notice. A buyer or a lender will consider the property substantially less attractive if this is the case.
Caveat emptor is another legal term it might be appropriate to learn at this point. Beyond the term's English translation, no further explanation is needed. Meaning "buyer beware," due diligence should be used at every turn, just like every other part of the home-buying process. Verify that the property's title can be taken free of any encumbrances by checking with your local county land records office. So much future home-buying heartache could be saved by one quick and simple task.
On direct translation, "lis pendens" actually means "suit pending." You can use this term to discuss any lawsuit that doesn't currently have a final decision in the United States. If you're considering purchasing a home soon, what does this term mean for your situation? More than you might originally think, actually. Refer to the discuss below for more.
Once understood to mean any suit at all that was currently without a final decision, lis pendens is relevant to many real estate transactions today. Today, the current trend makes only written notices filed about real property and sometimes parental responsibility matters the subject of the term lis pendens in today's legal terminology. Lis pendens thus involves the title to the property itself or a situation where someone has claimed an ownership interest in the property. If you're looking for a lis pendens, also known as a notice, search in the county land records office.
It is important to understand the ramifications for a potential home buyer. When the property's title is being challenged in some way, the lis pendens serves a notice to a potential buyer. You've got another problem to worry about if, in spite of its existence, you purchase property after the lis pendens has been filed. The property will be taken subject to the final decision in the pending lawsuit for which the lis pendens served as original notice. A buyer or a lender will consider the property substantially less attractive if this is the case.
Caveat emptor is another legal term it might be appropriate to learn at this point. Beyond the term's English translation, no further explanation is needed. Meaning "buyer beware," due diligence should be used at every turn, just like every other part of the home-buying process. Verify that the property's title can be taken free of any encumbrances by checking with your local county land records office. So much future home-buying heartache could be saved by one quick and simple task.
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