Hi
I've purchased a property and my conveyancer has put the option of lodging a caveat over the property to protect my interest as the purchaser during the period of the contract. (to prevent the property being transferred to anyone else other than the proprietor without my knowledge).
what are the real risks of not doing this?? Is this necessary, If i dont do this, could everything fall over prior to contract etc
Cheers
Google "black v garnock"
It is not to stop them transferring to someones else but to stop others from gaining priority.
If Black about 30min before settlement someone who the vendor owed money to was able to record a writ on the title to the property. This meant that this person took the property to satisfy the debt and the purchaser was left without a property.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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