lis pendens

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Lis Pendens

1. Describing property or another asset subject to a pending lawsuit. Because the new owner of such a property or asset is subject to the same lawsuit, it can be difficult or impossible to sell a lis pedens property.

2. Public announcement of a pending lawsuit.

The term is Latin for "suit pending."
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

lis pendens

A document recorded in the real estate records, putting all people on notice that a lawsuit has been filed that will affect title to the described property. If someone buys the property after the filing of the lis pendens notice, then that person takes it subject to any claims that might prove successful in the lawsuit.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.