What are "lis pendens"?

"Lis pendens" refers to a legal notice that indicates a lawsuit has been filed concerning a particular property. This notice serves to inform all interested parties, such as potential buyers or lenders, that there is an ongoing legal dispute related to the property in question. It effectively puts anyone on notice that the property is involved in litigation, which may affect the future ownership or transfer of the property.

The significance of a lis pendens is that it acts as a warning to those who are considering transactions involving the property, making them aware of the legal claim before they proceed. This legal concept helps protect the rights of plaintiffs in a legal dispute by ensuring that any subsequent transactions do not undermine their claims or rights to the property.

Other options do not accurately represent the definition and legal implications of a lis pendens. For example, a notice about an upcoming sale would not address the legal claims involved, while a payment plan for mortgage borrowers or a report on property values pertains to financial arrangements or market assessments, respectively, rather than legal notifications regarding property disputes.