Key Real Estate Terms: Lis Pendens



"Lis pendens" is Latin, which is very similar to a lot of other key legal terms. As a person lacking a legal background, the term is probably not comprehensible to you. The term deserves a detailed examination since it's an important one to know, so read on.



Directly translated, "lis pendens" actually means "suit pending." Any court case presently pending in the United States can be referred to as this. So how does this affect you, the potential homeowner? Actually, it can mean quite a bit.



While customarily lis pendens was a term utilized to refer to any presently pending court case, it has a more real estate-specific meaning nowadays. Today, the current trend makes only written notices filed about real property and sometimes parental responsibility matters the subject of the term lis pendens. With respect to real estate, this can involve either the title to the property or an instance in which there is a claimed ownership interest. If you're looking for a lis pendens, also known as a notice, search in the county land records office.



The ramifications for a potential homeowner are important to know. A potential buyer is put on notice that the title to the land they are thinking about purchasing is being challenged when a lis pendens exists. You have got another problem to be concerned about if, in spite of its existence, you purchase property prior to the notice being filed. You will end up taking the property subject to any final decision that is later rendered if you buy property that is described in the notification. This makes the property undeniably less marketable to a buyer or a lender.



Caveat emptor is another legal term that may be appropriate to know at this point. In this case, no clarification is needed beyond the term's English translation. Interpreted as "buyer beware," due diligence should be utilized at every turn, just like every other part of the home buying process. Verify that the land's title can be taken free of any hindrances by consulting with your local county land records office. One fast and easy task could save you a lot of home buying heartache in the future.

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