Rhode Island Lis Pendens Notice
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How to fill out Lis Pendens Notice?
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FAQ
A lis pendens is an essential tool that provides notice of pending litigation involving a claim that affects title to real estate. It allows for a fair and transparent legal process by ensuring that potential buyers are aware of any pending litigation and the potential implications for title to the real estate.
A lis pendens can substantially benefit the person who is suing. This is because it usually serves as a claim against the property for any damages that might be awarded in the lawsuit. Most buyers will not purchase property involved in litigation or will only purchase the property at a discount.
If a lis pendens is properly filed, then a buyer (by definition) cannot be a BFP since constructive notice has been given by the filing; at best the buyer becomes a purchaser pendente lite, meaning that one would take title subject to the outcome of the litigation (Prop. Code Sec. 13001).
A lis pendens is the first filing made during the foreclosure process. Barron's Dictionary of Real Estate Terms defines Lis Pendens as Latin for "suit pending". Lis Pendens filings are made against properties for various reasons.
A Release of Lis Pendens is a counterclaim wherein it provides recourse for defendants pursuing to sell a property. The Release of Lis Pendens Surety Bond ensures to cover the cost of the Lis Pendens to release the property back to the defendant.
The literal transaltion of the Latin word "lis" is suit, or lawsuit. "Pendens" translates as pending, so lis pendens means pending lawsuit or lawsuit pending.
Lis pendens is a formal notice that there is a pending action, or lawsuit, that could affect the title of the property. However, it serves an even bigger purpose. When a lis pendens is filed, any future transfers of the property are affected by the pending action if it were to be awarded.
Lis Pendens is the Latin phrase for pending litigation. More commonly, a lis pendens is referred to as a ?notice of pending action.? Persons who buy or lend on the real estate after a lis pendens has been recorded take the property subject to the claimant's right, if any, to the real estate.
