What's the purpose of filing a Lis Pendens? A lis pendens provides notice of a claim involving specific real estate to potential buyer, lender, and the general public.
What's the effect of filing a Lis Pendens? Any future person who acquires an interest in the property after a lis pendens is recorded is bound by the ultimate results of the pending lawsuit. So even though the Lis Pendens doesn't legally prevent a sale or loan from a practical point it does. Most prospective buyers, lenders and title insurers are very reluctant to become involved with property that could be adversely impacted by a pending suit.
When will the Lis Pendens be released? Typically a court will not release the Lis Pendens until the underlying suit has been resolved in favor of the property owner.Therefore, from a practical perspective the lis pendens can tie up a property for years. This can be devastating for the owner and enormous leverage for the claimant.
Is a Lis Pendens a lien? No, in and of itself, a Lis Pendens does not place a legal lien on a property.