When you purchase property in Victoria you obtain an interest in the land. However, sometimes there can be a significant waiting period between signing the Contract of Sale and completing settlement of the property.
To ensure that your interest in the property as a purchaser is protected, you can lodge what is known as a “Purchaser’s Caveat” on the Certificate of Title once you have signed a Contract of Sale.
What is a Caveat?
A Caveat is a legal notice registered on the title to the property. By lodging a Caveat, you are giving notice to any third party or the registered proprietor of your interest in the property. It also prevents any third party or the registered proprietor from dealing with the property without your knowledge, ensuring that your interest in the property is protected.
A Purchaser’s Caveat will automatically lapse upon settlement when the purchaser becomes the registered proprietor of the property.
Should I lodge a Caveat?
It is your choice whether to lodge a Caveat after you have signed a Contract of Sale. However, we strongly recommend that you do so to protect your interests in the property and provide you with peace of mind and protection.
How do you lodge a Caveat?
The process of lodging a caveat is simple and our team can lodge a caveat on your behalf upon receiving your instructions.
Please contact our office if you would like more information.