Michigan Notice of Lis Pendens
Description
Definition and meaning
A Michigan Notice of Lis Pendens is a legal document that informs the public that a lawsuit has been filed concerning a specific piece of real property. The term 'Lis Pendens' translates to 'suit pending,' and this notice serves to protect the rights of the parties involved in the lawsuit by alerting potential buyers or lenders that the property's ownership may be disputed. This document is crucial in real estate transactions and legal proceedings involving property disputes.
How to complete a form
Completing the Michigan Notice of Lis Pendens involves several steps:
- Begin by clearly stating the names of the Plaintiff and Defendants involved in the lawsuit.
- Enter the case number assigned by the court.
- Specify the sales agreement date and provide a detailed description of the property. Include the common name and the applicable Parcel Number.
- Sign the document before a notary public to ensure its legal validity.
It is essential to fill in all required fields accurately to avoid any legal complications.
Who should use this form
The Michigan Notice of Lis Pendens is typically used by property owners or individuals filing lawsuits related to real estate transactions. This form is advisable for:
- Property owners seeking to protect their interests during ongoing legal disputes.
- Individuals or businesses that have entered into a sales agreement but need to ensure their rights are recognized in the event of litigation.
- Legal representatives acting on behalf of clients in real estate cases.
Legal use and context
In Michigan, a Notice of Lis Pendens serves a vital role in real estate law. When a lawsuit is initiated, the filing of this notice informs third parties of the pending legal claim, thereby preventing the sale or financing of the property without acknowledgment of the lawsuit. This legal protection is crucial for preventing fraudulent transactions or undue hardship that may arise from conflicting claims to property ownership.
Key components of the form
A comprehensive Michigan Notice of Lis Pendens must include several key components:
- Plaintiff and Defendant Information: Names and addresses of the parties involved in the lawsuit.
- Case Number: Unique identifier assigned by the court.
- Property Description: Detailed information that identifies the real property in question, including its common name and Parcel Number.
- Legal Counsel Information: Details of the attorney representing the plaintiff, if applicable.
Common mistakes to avoid when using this form
When completing a Michigan Notice of Lis Pendens, it is crucial to avoid these common pitfalls:
- Leaving fields blank or failing to provide accurate information.
- Not including the correct case number or property details, which can invalidate the notice.
- Neglecting to sign the document before a notary, which is necessary for legal acknowledgment.
What to expect during notarization or witnessing
During the notarization of the Michigan Notice of Lis Pendens, you will need to:
- Present valid identification to the notary public.
- Sign the document in the presence of the notary.
- Provide any additional information the notary may require to complete their acknowledgment.
This process ensures that the document is legally binding and recognized by the court.
How to fill out Michigan Notice Of Lis Pendens?
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FAQ
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.
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.
The lis pendens can be removed once the lawsuit is settled and the court has ruled on an outcome. It might also be resolved on its own if an agreement is reached between the title owner and whoever filed the complaint. If the claim was wrongfully filed, the lis pendens will be expunged.
Lis pendens and foreclosure The lis pendens is essentially your written notice that the lender is taking legal action, and you home is being foreclosed. Once you receive the lis pendens, it will likely take several months if not longer for your home to foreclose.
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 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.
The lis pendens can be removed once the lawsuit is settled and the court has ruled on an outcome. It might also be resolved on its own if an agreement is reached between the title owner and whoever filed the complaint. If the claim was wrongfully filed, the lis pendens will be expunged.
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.
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.