Caveats are used to place an encumbrance on the title of a property to protect a part's interest in that property. Not only can a Caveat be used in a dispute, but it can also be used to ensure peace of mind in a long-term settlement of a property. For example, you may put a Caveat on with the consent of the property owner whilst you make a development application with the local council.
When a dispute arises over property matters, a Caveat can be lodged. This prevents any further dealings taking place in relation to the property (or land) until such time as the matter has been resolved.
The most common reason a caveat may be lodged is when money is owed. For example, if one party is owed money by another party who owns land, a caveat may be lodged over that land to prevent the sale of the land and payment can be secured.
Caveats are extremely complex, and considerations must be made prior to lodgement at the Titles Registry. Most importantly, a Caveat cannot be lodged without proper cause (what we lawyers call a caveatable interest) and if one is lodged incorrectly, you may be held liable for the other party’s legal fees and damages.
Caveats are usually prepared and lodged as a matter of urgency as the property may be for sale or otherwise disposed of. The eager property lawyers at Evolution Legal are able to immediately prepare and lodge a caveat in the same day to protect your interest.
Contact us as a matter of urgency if you have any concern in relation to your matters that you think you might need protecting with a caveat.