Illinois Release of Lis Pendens
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How to fill out Release Of Lis Pendens?
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FAQ
A lis pendens is a notice to the public that a lawsuit is pending against a piece of real estate. It serves as a caution to any potential buyers that the property owner may not have free and clear title to the property and that another party may have an unresolved ownership claim.
A release of lis pendens is a document filed with the court that removes the public notice of a pending legal action from the title of a property. It is typically filed after a lawsuit that involves property has been resolved in some way, such as by settlement or dismissal.
Another way a homeowner might get a lis pendens removed is by filing a motion to remove with the court. He or she can then demonstrate that there is little or no proof that the complainant in the suit will prove ownership of the real estate property at the hearing.
A ?lis pendens notice? is a notice recorded in a real property's chain of title and is designed to enable interested third parties to discover the existence and scope of pending litigation affecting the title to or asserting a mortgage, lien, security interest, or other interest in real property.
A lis pendens is resolved either through expungement, meaning that the filing of the lis pendens was invalid or inappropriately filed, or through the resolution of the lawsuit. In either case, a signed release of lis pendens would be recorded with the county recorder's office.
In general, lis pendens is Latin for ?suit pending.? It is used in several contexts: ?Lis pendens? is construed to be the jurisdiction, power, or control which courts acquire over property involved in a suit, pending the continuance of the action, and until final judgment.
Lis pendens also means "a pending lawsuit", but lis pendens is a document filed in the public records of the county where particular real property is located stating that a pending lawsuit may affect the title to the property.
Title companies usually refuse to insure title when a lis pendens is recorded which involves a specific performance action. Without title insurance, buyers will not buy, lenders will not lend and tenants will not occupy the property.
