Caveat

Discussion in 'The Buying & Selling Process' started by Sezy22, 18th Nov, 2019.

Join Australia's most dynamic and respected property investment community
  1. Sezy22

    Sezy22 Active Member

    Joined:
    17th Jun, 2016
    Posts:
    34
    Location:
    Stanthorpe
    anyone had experience buying a house with Caveats on it? We put an offer on a house that was accepted then we find out there are 2 Absolute Caveats on it from local businesses and 2 undisclosed caveats. Our solicitor said no deal.
     
  2. thatbum

    thatbum Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    4,916
    Location:
    Perth, WA
    Shouldn't you be relying on your specific legal advice rather than general forum experiences that may or may not apply to your situation?

    Anyway I've seen caveats be a deal breaker and also be no issue at all - varies wildly by specific circumstances of the caveat and deal.
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    35,863
    Location:
    Australia wide
    The question is will they be removed at settlement?
     
  4. Sezy22

    Sezy22 Active Member

    Joined:
    17th Jun, 2016
    Posts:
    34
    Location:
    Stanthorpe
    We are out of the deal, we are listening to legal advice! Just something we have never come across and was asking about others experience.
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    35,863
    Location:
    Australia wide
    caveats are fairly common and mean that someone other than the legal owner has an interest in the property. The caveator usually just wants their share paid out at settlement and is no big deal. But if the caveat relates to family law often irrational thinking comes into it and they will often not settle.

    First thing to do is to see on what basis the caveat has been listed.
     

PFA Property Expo is designed in a way that visitors can gather maximum real estate knowledge with added benefits. Different speakers will be presenting on different topics as where to buy, when to buy in this market...