BANKRUPTCY ATTORNEY QUESTION FROM SPRING HILL, FLORIDA
A Lis Pendens is a Notice that warns persons, such as prospective Purchasers, renters or others having an Interest in the Property under suit that the Title to the Property is in litigation and may be bound by an Adverse Judgment.
When a Bank or another Lender decides to commence Foreclosure Proceedings in order to take possession of a Property, the Lender will initially file a Lis Pendens. If there is a Purchaser of the Property, it is appropriate that the Purchaser has notice of the Foreclosure Proceedings. One must purchase the Property from the actual owner in order to have Clear Title.
In Pinellas County in Florida, the current fee charged for the notice of Lis Pendens is $5 for the first page, $4 for each additional page, and $1 for each name over 4 names in the Body or Style of the Document. I suspect other Counties in the United States have similar fees.
Picture Credit : belchonock