What Is Lis Pendens

Comments(3)

• 
  LarryNut30th October, 2003

  Hello samedwin,
  What is NOD? By your question, I would assume that it means "notice of default". What I can tell you is that lis pendens means that litigation is pending - a notice of a possible future lien. It would definately affect the quality of a title and I would seek legal advice before pursuing a property or title that was "lis pendens". It may involve something other than just a foreclosure. Hope this helps.

• 
  JohnMerchant1st November, 2003

  What is the legal difference between Lis Pendens and NOD? How are they treated differently? Are they both preforclosure filings?
  
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  Lis Pendens is just a recorded notice that some kind of litigation is about to be, or is simultaneously being filed regarding the title to that property....might be any kind of legal action that's about to be filed.
  
  In effect, it's a legally sanctioned clouding of the title so as to discourage any kind of conveyance pending that other legal action....oh, the title owner might proceed to deed it to somebody, but that buyer will be on legal notice that the seller's title is in jeopardy, so that buyer would be taking quite a chance in buying it with an LP on it!
  
  A NOD is a notice of some kind of foreclosure action on a property, a much more specific and limited filing than is a LP...although the effect would be much the same to any prospective buyer, and it would likely chill any sale just like a LP....unless the buyer knows all the facts regarding the coming foreclosure and is knowingly buying a property with a looming foreclosure action, and may be buying it BECAUSE of the delinquent situation.

• 
  samedwin3rd November, 2003

  Thanks guys. I guess that you're saying that if I decide to get title of prop. with NOD, make sure I know the whole financial and legal situation; stay away from LP?
  Thanks,
  Sam