What does the term 'lis pendens' refer to?

The term 'lis pendens' refers to a pending lawsuit. This legal concept is used to provide notice that a particular property is subject to the ongoing litigation, alerting potential buyers or interested parties that their rights to the property may be affected by the outcome of the case. It essentially serves as a warning to anyone who may deal with the property in question that their actions could be subject to the results of the lawsuit. This mechanism helps to protect the interests of parties engaged in the litigation and prevents third parties from acquiring rights that could be jeopardized by the resolution of the pending legal dispute.

The other options address concepts that don't accurately reflect the meaning of 'lis pendens.' For example, a finalized court ruling pertains to a case that has been conclusively decided, while property ownership principles and necessary legal documents do not specifically convey the idea of an ongoing legal action.