Buyer beware! There's a caveat there!
Caveats are an important tool in property disputes to protect interests in land. But what exactly is a caveat? If someone owes you money does this entitle you to lodge a caveat?
In this video, trusted Sunshine Coast lawyer, John Gallagher shares more about the effect of caveats.
Unfortunately, you cannot lodge a caveat whenever you feel you have been wronged. In fact, there are penalties for lodging a caveat without reasonable cause.
In order to lodge a caveat, you must have what is known as a "caveatable interest" in the land. Whether you have a “caveatable interest” can be technical and you should obtain legal advice to establish if you have a sufficient interest in the land prior to lodging a caveat.
Once lodged, the caveat will, in essence, prevent the property from being sold or any other dealing being registered, such as a mortgage, unless the caveat is withdrawn, removed, lapses or is cancelled.
It is important to understand the risks associated with lodging a caveat before doing so, so always be sure to seek legal advice from your solicitor.
Read more in our detailed article.
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