What is the function of a lis pendens?

A lis pendens serves as a public notice that a lawsuit has been filed concerning a specific property. This legal tool is essential because it informs potential buyers and interested parties that the property's title may be affected by the outcome of the pending litigation. By recording a lis pendens, the court provides transparency regarding any legal claims against the property, indicating that the party who files the lawsuit has a right to pursue a claim that could impact ownership or interests in the property.

This mechanism is crucial in real estate transactions, as it can deter potential purchasers from acquiring the property, given the legal uncertainties. If someone were to buy the property without knowledge of the pending lawsuit, they might face significant challenges, including the risk of losing the investment depending on the lawsuit's outcome.

The other options focus on different aspects of property management and law, such as foreclosure status, tax obligations, and changes in ownership, which do not align with the primary purpose of a lis pendens. The correct answer emphasizes the integral role of a lis pendens in the legal process related to property disputes.