What is the main function of a Lis Pendens notice?

A Lis Pendens notice serves primarily to inform potential buyers and interested parties that there is pending litigation involving the property in question. This legal notice is filed with the appropriate jurisdiction to alert anyone considering purchasing the property that their ownership could be affected by the outcome of the lawsuit. By doing so, it effectively puts prospective buyers on notice, allowing them to make informed decisions regarding their interest in the property.

This function is important because it helps maintain transparency in real estate transactions, ensuring that buyers are aware of any legal disputes before proceeding with a purchase. The presence of a Lis Pendens can influence a buyer's decision, as it introduces an element of risk regarding the property's title and ownership.

The other options do not accurately describe the primary function of a Lis Pendens. For instance, expediting the sale of a property does not align with the nature of a Lis Pendens, which is essentially a red flag for potential buyers. Verifying property taxes is also unrelated to the purpose of a Lis Pendens, as it's focused more on litigation rather than taxation. Lastly, allowing sellers to avoid paying capital gains is not connected to the notice's purpose; this involves tax implications rather than the legal implications addressed by a Lis Pendens.