What is a caveat, and when should I lodge one?
The word caveat means "beware" and lodging a caveat over a property is a method of giving notice to anyone who wants to deal with the property that someone other than the registered proprietor has a prior interest. Lodging a caveat will also prevent dealings (like transfers of land and mortgages) from being registered without your consent.
A caveat should be lodged as soon as the purchaser's offer has been accepted by the vendor. Sometimes, however, a contract of sale will prohibit the lodging of a caveat. As such, a purchaser should obtain legal advice before lodging a caveat.
There are also some other circumstances in which a person may have a right to lodge a caveat over the title to another person's property and may wish to do so to ensure no dealings are registered with respect to the property. It is extremely important that you ensure that you have a caveatable interest before lodging a caveat, as the caveat can be removed if it is shown that no caveatable interest exists, and penalties may apply.
If you wish to lodge a caveat, legal advice should always be sought.
