21 August 2020
Conveyancing - Caveat and priority notice
If a matter is settling in PEXA and the automated PEXA title activity checks are undertaken, is it prudent for the purchaser to lodge a caveat or priority notice between exchange and settlement?
Thank you for the question.
The system precludes settlement taking place unless the purchaser can be immediately registered on settlement as the proprietor of the property. This is the ultimate protection. If the purchaser cannot be registered immediately due to the presence of a caveat or competing interest, then settlement is stopped.
As the purchaser is protected by the system there is little to be achieved by lodging a caveat. This does not prevent a third party lodging a caveat preventing settlement.
A priority notice serves the purpose of marshalling the order of registration, which again is unnecessary unless, for instance, there is a first and second mortgage to be registered in the right order.
The PEXA title activity check does no more than provide an alert as to title activity.
Regards
Mentor
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