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Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate)
This is part 4 in a series describing different
types of sellers and transactions in the Las Vegas Area market.
Lis Pendens is a title deficiency that prevents
a home sale so I am going to call this a type of seller. More
specifically, it is a seller contingency.
In some states, a Lis Pendens is part of the foreclosure
process. Since Nevada is primarily a non-judicial state, this
isn't the "normal" route of foreclosure.
Lis Pendens means "lawsuit pending"
(Latin.) While there may be a Lis Pendens deficiency
on title for many reasons - the most common is for possible owners
that are not owners of record or on deed. A divorce situation
is probably (no statistics available, so I believe) the most common
reason why a Lis Pendens is filed. If one of the owners is
not on the deed of a community property, this will stop the owner
of record from selling it without the other party's permission or
Pitfalls of a purchase that involves Lis
The Lis Pendens will more than likely have to be resolved in
court which takes time.
A trustee's deed will trump the Lis Pendens so if the home is
in default, it could go to auction (get foreclosed upon.)
Current Lis Pendens Climate & Purchase
Procedures and Variations from Typical Transactions:
The price, terms and
conditions should be that near market value. If the
seller or interested party that filed the Lis Pendens protests any
part of the contract, the court may require the price, terms and
conditions be altered.
Buyers must understand
that even though the seller has signed off on the contract, their
closing date, price or terms could be changed. Just
reiterating the above paragraph! Don't order the moving van
or give your landlord notice that you are moving until the court
has approved the price, terms and conditions for the sale!
A Lis Pendens could
take time. Since this is a seller contingency, this
process could take time. It depends on how motivated the
seller is and what the court schedules look like.
!!!If the sale is in
regards to a divorce and one of the parties still occupy the
residence, there could be issues in the end in regards to
occupancy, what is and is not real property, etc. Hopefully
your buyer's agent will prepare you emotionally for the outcome if
there are some hiccups!
DISCLAIMER: The information, photographs & content
contained within Renee Burrows' blog is the property of Renee
Burrows. You must obtain written permission from Renee
Burrows or be a syndication partner or use the Active Rain "reblog"
function and reblog the post in its entirety without revision
if you would like to use any of this content. Opinions
expressed are those of Renee Burrows may not necessarily be
opinions of past and present brokers. Many articles may be
time and date sensitive so please always look at the date
posted. For most current brokerage and contact information,
refer to my Active Rain profile.
**Las Vegas Area Sellers and Sales (Transaction)
Categories: Lis Pendens (#4 in a series)
copyright 2006-2013 Renee
Burrows, REALTOR®, Savvy Home
Realty Solutions 702-966-2494
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.