An Illinois Li's Pendent Notice is a legal notice that is used to record a claim of interest in real estate in the state of Illinois. It is commonly used to alert potential buyers of the existence of a pending lawsuit involving the property. It is also used to reserve the rights of a party in a real estate transaction, such as a seller, buyer, or lender, prior to a court ruling. There are two types of Illinois Li's Pendent Notice: Li's Pendent and Li's Pendent Non-Judicial. The Li's Pendent Notice is a notice of pending litigation that is filed by a plaintiff in a civil action in order to provide public notice of their claim before a court ruling is issued. The Li's Pendent Non-Judicial Notice is filed in order to preserve the rights of a party in a real estate transaction, such as a seller, buyer, or lender, prior to a court ruling. Both types of notices are filed with the county recorder in the county where the real estate is located.
Illinois Lis Pendens Notice
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How to fill out Illinois Lis Pendens Notice?
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FAQ
A lis pendens ? also called a notice of pendency of action ? is a special type of legal document filed with a county recorder.
No person shall commence an action or make a sale to foreclose any mortgage or deed of trust in the nature of a mortgage, unless within 10 years after the right of action or right to make such sale accrues. (Source: P.A. 82-280.)
A lis pendens, on the other hand, is a notice that lenders use when they initiate the foreclosure. The lis pendens notifies all parties that the property is part of a lawsuit and is filed with the county recorder's office and made public record.
A default judgment occurs in Illinois civil cases when the defendant has been properly served with a complaint and summons and has failed to file an answer to the complaint by the first court date or to appear in court for the first court date.
A notice of lis pendens under Illinois law for filing in the public records (the office of the county recorder) to provide constructive notice to third parties of a pending legal proceeding affecting or involving Illinois real property.
A lis pendens is an official notice to the public that a lawsuit involving a claim on a property has been filed. Lis pendens is connected to the concept that a property buyer must assume any litigation that exists pertaining to the property.