In one line: A recorded notice that a lawsuit touches the property's title.
A lis pendens ("suit pending") is a notice recorded against a property saying its title is caught up in litigation: a foreclosure filed in court, a divorce, a contract dispute. Anyone who buys the property takes it subject to whatever the lawsuit decides.
For buyers it is a caution flag rather than a wall: title companies will not close over an unresolved one, so the suit gets resolved or the deal waits. For distress-focused investors it is an early signal that an owner is in trouble, often months before any sale.
Nevada foreclosures usually run outside the courts (see notice of default), so a lis pendens here more often means a judicial foreclosure, an HOA dispute, or private litigation.
A worked example
An HOA sues over unpaid dues and records a lis pendens against the parcel. Any buyer from that day on takes the home subject to whatever the court decides, so title companies will not insure the sale until the case is resolved or released.
Questions people ask
Is a lis pendens the same as a foreclosure?
No. It is notice that a lawsuit affects the title. In Nevada most home foreclosures are non-judicial and never involve one; a lis pendens usually means a judicial foreclosure, an HOA or contractor suit, a divorce, or a boundary dispute.
How does a lis pendens get removed?
By the party who recorded it releasing it, usually when the case settles, or by a court order expunging it. Until then it clouds the title, which is why the sale of a home under one stalls.