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A lis pendens is only lifted once the lawsuit has been settled. Because pending litigation can take months and sometimes years, buyers are often advised to stay clear of these properties.
What are examples of lis pendens?
Examples of when a lis pendens may be legally filed, include partnership disputes where the partnership owns property that is in dispute, or any business dispute (such as the breakup of any business) where owners or former owners have competing claims to the property.
What does in lis pendens mean?
The literal translation of Lis Pendens is suit pending. It is also sometimes referred to as a Notice of Pendency of Action. As the name suggests, the purpose is to let others know that there is an active lawsuit.
Can you sell a property with a lis pendens in Florida?
The titleholder can sell a property and transfer the deed to someone else while subject to a lis pendens. However, most title companies will not provide insurance for homes with a lis pendens, and closing agents may close with the lien being bonded.
How do you get around lis pendens?
A Lis Pendens Can be Removed, Foreclosed or Expunged, Even if it was Validly Recorded the claimant has not made a real property claim in their underlying lawsuit, or. the court determines that the claimants interest in the subject real property may be adequately protected by the posting of an undertaking, or bond. [5]
Related Searches
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Short Answer: After filing a lis pendens, property sales may stall due to legal disputes impacting the title. Misfiling can result in sanctions or slander of title damages. Removal involves court-ordered expungement or voluntary discharge.
Related links
Lis Pendens | City of Detroit
How to request a Release of Lis Pendens. Step 1. E-mail BSEDdemo@detroitmi.gov to request an invoice and record ID number for a Lis Pendens. The fee is $73.
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