Virginia Release of Lis Pendens

• Category: Real Estate - Lis Pendens
• State: Multi-State
• Control #: US-00403BG
• Format: Word

Description

Lis Pendens means "a suit pending". A lis pendens is a written notice that a lawsuit has been filed involving the title to real property or some interest in that real property. Notice to the defendant who owns the property and potential buyers or lenders is given by filing the lis pendens with the clerk of the court, certifying that it has been filed, and then recording it with the County Recorder. The lis pendens must include a legal description of the real property, and the lawsuit must involve the property. A person who records a false lis pendens will be subject to the penalty of payment of attorney's fees. A petition to remove the lis pendens from real property may be brought by the defendant when the property is not involved in the lawsuit.

Virginia Release of Li's Pendent is a legal document that removes a notice of pending litigation against a property. A Li's Pendent, also known as a Notice of Pendency, is filed by a party involved in a lawsuit that affects the title or ownership of a property. Once the lawsuit is resolved, the party who filed the Li's Pendent must file a Virginia Release of Li's Pendent to release the claim and clear the property's title. The Release of Li's Pendent is crucial in real estate transactions as it ensures that the property's title is free from any legal claims or encumbrances, which could otherwise hinder the sale or transfer of the property. It gives potential buyers confidence that the property is no longer involved in any pending litigation and ensures a smooth transaction. There are different types of Virginia Release of Li's Pendent, depending on the nature of the lawsuit or claim being resolved: 1. Partial Release of Li's Pendent: This type of release is filed when only a portion of the property is involved in the litigation. It removes the claim from the affected portion, allowing the unaffected part to be freely transferred or sold. 2. Full Release of Li's Pendent: This release is filed when the entire property is released from the pending litigation. It clears the property's title completely and allows for unrestricted transfer or sale. 3. Release Due to Settlement: In cases where the parties have reached an agreement or settlement, this type of release is filed. It signifies that the lawsuit has been resolved through negotiation or mediation, resulting in the removal of the Li's Pendent. 4. Release Due to Dismissal: If the lawsuit is dismissed by the court, whether due to lack of evidence, procedural errors, or other reasons, a release is filed to remove the Li's Pendent. It indicates that the court has concluded that the claim is invalid or lacks merit. 5. Release Due to Satisfaction: In instances where the lawsuit has gone to trial and a judgment has been rendered, a release is filed to reflect the satisfaction of the judgment. This type of release signifies that the claim has been settled through a court ruling, and the property is no longer encumbered. A Virginia Release of Li's Pendent is an essential legal document that protects the interests of buyers, lenders, and property owners by removing any cloud on the title resulting from pending litigation. It is important for parties involved in real estate transactions to carefully review the release to ensure compliance with Virginia law and to guarantee a clear title transfer.