Registering a Caveat for IP

On my most recent nsw purchase I didn't Lodge a caveat as I knew the risks of something happening we're very small and if some else took priority so be it. I would have just found another property.

 

I suppose it depends what money is on the line & what vibe the vendor is giving, but then again you never know.

I would be more worried about the intentional fraudster.

Was going to ask something else, but won't post it here.

PS oh well, PMs do not seem to work for me anymore.

 

I agree, first I've heard of all this talk, so I'll be more knowledgeable when it comes to my next purchase, no doubt there are movie Conveyancers out there, and proving you know more about property law then they do could well highlight the fact you need a new conveyancer.

Regards,
Arc

 

Keep in mind that placing a caveat is not free of risks either. For example, banks hate it as they take it as a sign of potential trouble and the vendors' bank might react negatively in particular. Everyone in the prior interest in property gets notified once the caveat is registered.

Think from vendors' perspective- what if buyer can't complete the transaction? They are now stuck with a caveat with no easy way to get it removed.

 

A caveat by the purchaser will cause no problem at all. It will simply be removed before settlement.

Vendors have no right to complain as the purchaser has an equitable and caveatable interest in the property as soon as the parties have entered a contract. But they could have a hard time removing it if settlement doesn't complete.

 

Man i never thought the Caveat question will generate quiet a lot of suggestions and debate.

In my situation - the vendors are old and retiring, have lived there in the house (owner-builder) for 30 years and have no loan on the property.

The vibe that i got from them was pretty good.

I am waiting for my solicitor to get back to me as I have asked them the question.

What do you guys think about getting a surveyor to measure the land up?

 

By Coincidence I just received a call from a lenders solicitors asking for a withdrawal of caveat for a loan we are doing. Parent has a caveat on child's property notifying their interest due to an unregistered mortgage. Not a problem, but a withdrawal form is needed to settle.

 

The boundaries could be different to where the fences are..

 

I have received a form from the my solicitor called 'Land Measurement Acknowledgement'. Its form that states if i have measured up the land.

One of the recommendations from the solicitors is 'to check that the actual measurements and location of the property on the groud with those shown on the map on the title. This involves checking the measurements of the boundaries of the property and the distance to the nearest intersection street.'

 

The settlement process is just as stressful as looking for a new property! Phew...

 

That sounds like a liability limiting issue. They want you to ascertain the boundaries and remain liable for them if they are wrong. A surveyors job at extra cost to avoid adverse possession issues etc.

 

As Terry says, the main reason to do a title re-establishment survey is to check that the existing fencing is a close approximation with your title position. There will always be differences, no fencing is exact.

Another reason could be your title was created not based on survey, ie a solicitor or even a realestate agent may have drawn some lines on a plan, added some bearings and distances then sold it without a survey being completed. In these situations it would definitely be worth getting a survey done as the title dimensions do not have as much weight.

Another reason could be because one of your boundaries is along a crown boundary. A crown boundary is a boundary from the first subdivision for the area, the original survey the crown did when they first sold the land. The survey techniques they used were inherently inaccurate so they generally gave extra land out in the field compared to the dimensions on the title. This created a massive mess so they created rules that said old fencing is seen as the true boundary along crown boundaries instead of title dimensions.

You may also have a hiatus (gap) or overlap with an abutting title, that may work in your favour or against you.

And a bunch of other reasons to get a survey done. But if you dont want to spend the money on a survey, pull out a tape and measure between the fences and compare it to the title, if its close then it 'may' be ok. Only a survey can 'position' the title in relation to the fencing and confirm for sure.

 

Check surveys used to be the norm, another thing never mentioned by many solicitors these days.

You want to identify that your actually buying the block you think your buying.

 

And the persons willingness to withdraw.......

 

Get the caveat for peace of mind. But don't pay $250. The lodgement fee counts not be anywhere near $250. See: https://www.propertyandlandtitles.v...Transfer-of-Land-Act-lodgement-fees-2016.docx

I think you are getting ripped off by your conveyancer/lawyer.

Easiest form to fill out ever. Downloable fro the website.