Illinois Lis Pendens
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How to fill out Illinois Lis Pendens?
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FAQ
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.
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.
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.
A lis pendens is a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it.
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.