Lis pendens, a Latin term that means “pending litigation,” is a notice pronouncing that a suit has been lodged against a property. This notice can hurt the sale price or likelihood of a sale because any pending lawsuits are usually disadvantageous to the owner. A notice of Lis Pendens warns potential homebuyers that there is litigation concerning the property such as a foreclosure or dispute in the ownership of a property and a lawsuit has already been filed. Common Reasons for Filing a Lis … [Read more...]
Archives for May 2021
Preventing Will Challenges in Illinois
Properly drafting and executing a Will, explaining it to family members, incorporating a no-contest clause, proving competence, establishing trusts, and regularly reviewing the Will are some of the effective strategies for preventing Will challenges in Illinois. By implementing these strategies, the testator (property owner) will prevent disputes among his or her beneficiaries that are likely to result in Will challenges. Properly Drafting and Executing a Will Working with an estate … [Read more...]