You have a +1 bonus to attack and damage rolls made with this weapon.
When you roll a 20 with this magic weapon, the target takes an extra 7 Piercing damage.
Note: According to the SRD, it is an extra 2d6 Piercing damage, although this is incorrect.
A Lance requires two hands to wield when you aren't mounted.
You have Disadvantage on attack rolls with a Heavy weapon if it's a Melee weapon and your Strength score isn't at least 13 or if it's a Ranged weapon and your Dexterity score isn't at least 13.
A Reach weapon adds 5 feet to your reach when you attack with it, as well as when determining your reach for Opportunity Attack with it.
A Two-Handed weapon requires two hands when you attack with it.
If you hit a creature with this weapon, you can force the creature to make a Constitution saving throw (DC 8 plus the ability modifier used to make the attack roll and your Proficiency). On a failed save, the creature has the Prone condition.