Real estate investing Tips
Most Novice Investors think they can purchase any property, in any location, without having to do their due diligence. They believe they can rely on public data, such as tax assessor records, to make informed decisions.
However, experienced investors know that these data sources often need to be more accurate and complete. They also know that cash is king when purchasing distressed properties.
Novice investors would be wise to focus on the best sub-markets they understand. They should also take the time to do their due diligence to gather accurate information about the property.
The economy is teetering on the edge of a recession, and many real estate investors are cashing in on the opportunity to purchase distressed properties at a discount. However, the average real estate investor has a different option to participate in this market.
So, what can the average investor do to find success in this market? The answer is to focus on the sub-markets you understand the best and identify the difference between public data and information you gathered by doing your due diligence. Cash is also king in this market.
Lis pendens is a long-standing, frequently misunderstood doctrine concerning unorthodox interests in real estate. The doctrine of lis pendens literally means “pending suit,” and lis pendens notices are the machinery whereby a party with an unrecorded or unperfected claim to real property can put third persons interested in the property on notice of the claim or interest.
What is the lis pendens process in New York State?
In New York State, a lis pendens is a notice that is filed with the county clerk’s office to alert potential buyers or encumbrancers of a property that a lawsuit affecting the ownership or use of the property is pending. It is typically filed in connection with a lawsuit involving the ownership, possession, or encumbrance of real property.
The purpose of a lis pendens is to give notice to the public that there is a pending legal action that may affect the title to, or the use or possession of, the real property described in the notice. It is intended to protect the interests of the parties involved in the lawsuit and to prevent any transfers or encumbrances of the property without the knowledge of the pending lawsuit.
To file a lis pendens, the plaintiff in the lawsuit must file a notice with the county clerk’s office in the county where the property is located. The notice must include a description of the property, the names of the parties involved in the lawsuit, and the nature of the legal action. The plaintiff must also serve a copy of the lis pendens on the defendant in the lawsuit.
Once the lis pendens has been filed, it remains in effect until the lawsuit is resolved or until it is withdrawn by the plaintiff. If the plaintiff prevails in the lawsuit, the lis pendens may be recorded as a judgment against the property. This can have significant consequences for the defendant, as it may affect their ability to sell or encumber the property.
It is important to note that a lis pendens is not a judgment or a lien on the property. It is simply a notice of a pending lawsuit that may affect the ownership or use of the property. However, it can have severe consequences for the parties involved, and it is essential to seek legal advice if you are involved in a lawsuit that may result in the filing of a lis pendens.
Do you want to get into real estate investing but don’t know where to start? Check out this blog post on the four things you need to know about lis pendens before getting started.
