Final answer:
A lis pendens is notification of a pending lawsuit that affects property title and ownership, serving as a warning to potential buyers or lenders.
Step-by-step explanation:
A lis pendens is notification of a pending lawsuit that affects a property's title and ownership. It serves as a warning to potential buyers or lenders that there is a dispute or claim against the property.
For example, if a homeowner is facing foreclosure, a lis pendens may be filed to inform others that there is an ongoing legal action related to the property's ownership.
It is important for buyers and lenders to be aware of a lis pendens as it could impact their decision to proceed with a purchase or approve a loan.