An official notice to the public that a lawsuit has been filed. Lis Pendens refers to the concept that any buyer of property must assume any litigation that exists pertaining to the property. If a buyer purchases a lot that a bank was suing the former owner for, then the new owner must face the lawsuit. Sale of the property will not prevent the plaintiff from seeking redress via litigation.

Investopedia Says:

Lis Pendens is literally translated from Latin as "suit pending". Obviously, this condition can adversely affect the sale price - or possibility of sale - of a piece of property substantially. The term is commonly abbreviated "lis pend".

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