Caveat placed subsequent to property listing

[Jonmel]

Hi All,

I've just got a quick question regarding the timing of placing a caveat on a standard residential property. If a property is already listed through a real estate agency then would placing a caveat still take effect should the property sell? What if the caveat was placed after a buyer had signed a contract but before settlement? I.e. what is the deadline for a caveat to be placed which would interfere with the sale of a property? Any help would be appreciated,

Thanks,

Jon

 

[Peter_Tersteeg]

Can you explain a little more about the circumstances of the caveat?

It's common for a purchaser to put a caveat on the property after signing the contract. The caveat expires at settlement (otherwise settlement won't happen). This is to prevent the property being sold to someone else.

If you're selling a property and the pruchaser has put a caveat on the title, don't stress, you just can't sell it to anyone else. If they don't proceed with the purchase, they'll be expected to remove it in a timely manner.

If somone else is selling a property that you have an interest in, then a caveat will prevent that sale until the caveat is removed.

If you're selling the property and a third party (not the buyer) has put a caveat on your property, they're preventing the sale from proceeding. You need to get them to remove it. This can happen either by agreement or legal action (get your solicitor involved here).

 

[Terry_w]

Hi All,

I've just got a quick question regarding the timing of placing a caveat on a standard residential property. If a property is already listed through a real estate agency then would placing a caveat still take effect should the property sell? What if the caveat was placed after a buyer had signed a contract but before settlement? I.e. what is the deadline for a caveat to be placed which would interfere with the sale of a property? Any help would be appreciated,

Thanks,

Jon

Bloody oath it would!.

Google "Black v Garnock". Caveat placed on title about 1 hour before settlement! Buyers interest was behind that of the caveator.

 

[Aaron_C]

Very important to caveat when you buy a place especially if you are releasing the deposit money early under a section 27.

 

[BMW]

Bloody oath it would!.

Google "Black v Garnock". Caveat placed on title about 1 hour before settlement! Buyers interest was behind that of the caveator.

wow scary reading. Is it normal to put a caveat on a property when purchasing? do people normally do this for a simple resi purchase?

 

[Aaron_C]

wow scary reading. Is it normal to put a caveat on a property when purchasing? do people normally do this for a simple resi purchase?

Yes, I always do.

 

[Terry_w]

wow scary reading. Is it normal to put a caveat on a property when purchasing? do people normally do this for a simple resi purchase?

It is normal practice, after this case, for lawyers to recommend lodging a caveat on exchange.

 

[BMW]

Thanks, due to exchange contracts today. will definitely mention this to my solicitor