Release of Lis Pendens (Illinois)
About this template
The legal template "Release of Lis Pendens (Illinois)" refers to a document commonly used in the state of Illinois to release a notice of pending litigation (lis pendens) filed against a piece of real property.
When a lawsuit involving a property is initiated, a lis pendens is typically filed with the county recorder's office. This notice informs potential buyers or lenders that the property is subject to pending litigation, which can affect its marketability or value. However, there may be instances where the parties involved in the lawsuit reach a settlement, resolve the matter, or decide not to pursue the case any further.
In such cases, the Release of Lis Pendens document is employed to formally cancel and remove the lis pendens from the property's public record. This legal template typically includes relevant details, such as the names of the parties involved, reference to the original lawsuit, the date the lis pendens was filed, and any additional information required by Illinois state law.
By using the Release of Lis Pendens (Illinois) template, parties can ensure that the lis pendens is properly extinguished from the property's record, allowing the owner to freely transfer or encumber their property without any cloud of litigation. It provides a legally binding confirmation that the litigation has been settled or dismissed, providing clarity and certainty to potential buyers, lenders, or other parties with an interest in the property.