The fossa ovalis is a small, oval-shaped depression located in the interatrial septum of the heart, specifically in the right atrium. It is a remnant of the foramen ovale, an opening that allows blood to bypass the non-functioning fetal lungs during development. After birth, as the lungs become functional and the pressure in the left atrium increases, the foramen ovale closes, leaving the fossa ovalis as a scar tissue marking the site of this critical fetal structure.