In property law, what does the term 'lis pendens' indicate?

The term 'lis pendens' is a legal term that translates to "pending lawsuit." It signifies that there is a legal action currently in progress that affects the title or right to a particular piece of property. When a lis pendens is filed, it serves as a public notice to prospective buyers or interested parties that the property in question may be subject to a legal claim, which may impact future ownership rights or the ability to sell the property.

This concept is significant in property law as it provides transparency regarding potential legal disputes tied to real estate. By notifying potential purchasers or financiers of a pending legal matter, it helps protect the interests of parties involved in the lawsuit, ensuring that no alterations to property ownership occur without due consideration of the ongoing case.

The other choices do not accurately reflect the meaning of 'lis pendens.' While physical possessions pertain to tangible items someone may own, and ownership rights and inherent property rights relate to the legal entitlements associated with property ownership, these do not capture the essence of what 'lis pendens' signifies in the context of legal actions affecting property.