Black's Law Dictionary, Sixth Edition, p. 932:

Lis pendens.  A pending suit.  Jurisdiction, power, or control which courts acquire over property in litigation pending action and until final judgment.

A common-law doctrine, now codified in many states so as to condition its effect on the filing of a notice, that binds a purchaser or encumbrancer of property to the results of any pending lawsuit which may affect the title to, any lien on, or possession of the property.  Purpose of "lis pendens" is to notify prospective purchasers and encumbrancers that any interest acquired by them in proeprty in litigation is subject to decision of court and while it is simply a notice of pending litigation the effect thereof on the owner of property is constraining.  Beefy King INtern. Inc., v. Veigle, C.A.Fla., 464 F.2d 1102, 1104.

[Black's Law Dictionary, Sixth Edition, p. 932]