Caveats – you have options
From our review of the Court list, there is a significant increase in banks and financiers taking enforcement action for defaults by lodging a caveat over real property.
What is a caveat?
A caveat is a legal notice placed on a property title that alerts potential buyers or lenders that someone has an interest in the property. The placement of a caveat can have significant consequences as it can impact upon you selling or refinancing the property until the issue has been resolved.
Your options
If you receive a caveat, it is very important that you take early action and seek legal advice. At Scoglio Law, we can help you with the following:
Validity of the caveat – Consider the charging clause in the credit application and whether a caveatable interest exists.
Negotiate – Contact the person who placed the caveat on your behalf and attempt to negotiate a resolution.
Apply to have the caveat removed – Under section 127 of the Land Titles Act, you can apply to the court to have the caveat removed.
We can help
If a caveat is placed on your property, it is important to take prompt action to resolve the issue. Seeking legal advice is the best way to ensure that your rights are protected and to minimise the impact on you. At Scoglio Law, we are experienced in dealing with caveats. Please feel free to contact Tony Scoglio or Sarina Fair on (07) 3833 2100 or info@scogliolaw.com.au to discuss.
This article contains general information and is not legal advice. You should not rely on this information. You should seek professional advice specific to your circumstances.