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...]
Your Guide to Raw Land Purchase Agreements in Illinois
Raw land purchase agreements feature a few basic provisions, including purchase price, due diligence period, final closing conditions, and default… READ MORE
