What is the purpose of a notice of lis pendens?

The purpose of a notice of lis pendens is to inform interested parties that there is pending litigation concerning a specific property. This legal notice serves as a warning to potential buyers or other interested parties that the property in question is subject to a lawsuit, which could impact their rights or the property's title. By recording a notice of lis pendens, the party involved in the litigation ensures that anyone who searches the property records will be made aware of the ongoing legal action, thereby preventing any future claims of ignorance regarding the dispute.

The other options do not correctly represent the function of a notice of lis pendens. An announcement of a court hearing date relates to procedural matters in litigation but does not specifically pertain to property rights. Declaring a property tax due pertains to financial obligations rather than legal disputes over property. Transferring property ownership deals with the legal conveyance of title and is separate from notifying parties about ongoing legal matters related to a property.