Definition of Lis pendens:
A lis pendens is an official notice to the public that a lawsuit involving a claim on a property has been filed. Lis pendens is connected to the concept that a buyer of a property must assume any litigation that exists pertaining to the property. If a bank is suing the owner of a lot and a new buyer purchases the lot, then the new owner must face the lawsuit; sale of the property does not prevent the plaintiff from seeking redress via litigation. It can represent a contingent liability.
Lis pendens is literally translated from Latin as "a suit pending." This condition can adversely affect the sale price or possibility of a sale since any pending litigations are typically unfavorable for the owner. The term is commonly abbreviated "lis pend.".
Alternative way of writing pendens lis.
How to use Lis pendens in a sentence?
- Lis pendens are common divorce cases in which spouses are divvying up assets, or in cases in which a home is up for foreclosure after a borrower is delinquent.
- A lis pendens is an official, public notice that a property has a pending lawsuit or claim attached to it.
- Lis pendens can only be filed if a claim is related specifically to the property; however, it specifies that the owner of the property must assume any litigation associated with it.
Meaning of Lis pendens & Lis pendens Definition