Porperty being sold with 2 caveats, what to do?

M

mr_milkman

Hi all, I've just found a buyer for my property the other day. I haven't signed the contract myself yet though as I've got two caveats against my property that I know of and I'm not sure what I'm supposed to do. What's the process from here? Will my solicitor clear up the caveats for me? Or is there anything I'm supposed to do? I really have no idea!

Thanks for any advice!
 
We looked into buying a place with a caveat on it and the advice we were given was to steer clear as we would not get title to it until the caveat was gone.

My suggestion to you would be to get rid of them in the most effective way as if you don't then you will reduce significntly the amount of people who will want to buy.

Hope this helps.
 
Both caveats are for debts, and the money would be paid to them once the property is sold. A contract of sale has already been signed. Is it now up to our solicitor to deal with it for us? Otherwise how does one arrange to have them removed???
 
mr_milkman said:
Is it now up to our solicitor to deal with it for us? Otherwise how does one arrange to have them removed???
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Your solicitor will deal with it for you. Make sure he/she knows (they should already be aware if they prepared the contract of sale as it would show on the title).
 
Your solicitor will arrange for the debts to be paid out at settlement with creditors handing over withdrawal of caveat forms at the same time.

If the caveats are for debts, then they may be invalid.
 
Terryw said:
Your solicitor will arrange for the debts to be paid out at settlement with creditors handing over withdrawal of caveat forms at the same time.

If the caveats are for debts, then they may be invalid.
Click to expand...

I hope that they are invalid. I should have a talk with my solicitor about them tomorrow. One was lodged by my credit union as I fell behind with a personal loan. I also have the mortgage with them, but it is a separate loan. The second was lodged by a solicitor for fees he believes I owe him...

One thing I've never been able to find a clear answer on, is if there is a time limit on caveats, can they expire? Do they need to be renewed? I've read statements on the internet saying going both ways about it...
 
If it is a credit union then you have probably signed somesort of agreement which gives them a charge over all properties you own in the event of default.

Solicitors also have the ability to lodge caveats for unpaid legal fees too.

So they are probably valid caveats. And I hear that in Tasmania an interest in property is not needed to lodge a caveat.
 
Terryw said:
So they are probably valid caveats. And I hear that in Tasmania an interest in property is not needed to lodge a caveat.
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I've read an interest is not needed, but if the caveat is challenged in court an interest needs to be presented or the caveat may be removed. But then again I've read a lot online saying just the opposite too. :confused: I guess my best bet will be talking with my solicitor, he_should_ know what's what. I've just developed a strong phobia of solicitors due to my previous encounter....
 
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