Hi all,
First time poster, long time reader.
Looking for some advice regarding withdrawal of a caveat.
I own an IP in QLD with my brother. My brother has since split with his wife, resulting in said ex-wife lodging a caveat over our QLD IP by advice of her solicitor. (In her solicitor's words, "merely to only notify her should the property be sold and nothing more").
Now we have a buyer for the property.
Distribution of proceeds of sale has been agreed upon by way of court orders by all parties, so no issue there.
When our REA saw the caveat appear on the title search, he asked us to get in touch with caveator's side to see what's the go and can it be lifted asap. We contacted cavetors' solicitor and they assure us the caveat will be "automatically" lifted UPON settlement, it was only put there as a tool to notify the ex-wife should the property be sold.
Our REA said the buyer's solictor will put a clause in the sales contract that the caveat MUST be lifted PRIOR to settlement.
I have spoken with the caveator privately, who is happy to sign and lodge the form to withdraw the caveat plus pay the fee privately if need be. She does not want to pay her solicitor to do it if it can be avoided, as she has already spent a lot of money on him.
I feel like her solicitor has deliberately worded his answer without disclosing the costs associated with withdrawing the caveat and wants to give the impression it will "mysteriously disappear" upon settlement with no mention of the fees associated with this process.
So if she lodges the form by herself, she would be paying $160.40 (we are interstate). If she leaves it to her solicitor (and low and behold they have to lodge a proper form for withdrawal of the caveat), I'm sure they will charge her the $160.40 + their legal advice + preperation fees + time to lodge + licking the envelope etc etc.
Am I right in saying that in order to release ANY caveat (regardless of the reason behind it) the appropriate forms would still have to be lodged and paid for with the titles office? It will not "automatically go away" when the property settles as stated by the caveator's solicitor.
If that's the case, the caveator would much rather do it privately so:
1). We can assure it's done well before settlement and there's no chance of delay or any other complications relating to the caveat
2). Caveator will save on unecessary further legal cost if their solicitors are just going to fill in the same form
I have already downloaded the caveat withdrawal form for her and it is quite a simple form to fill in.
Appreciate any thoughts.
(Apologies for the essay ).
Cheers,
rupert11
First time poster, long time reader.
Looking for some advice regarding withdrawal of a caveat.
I own an IP in QLD with my brother. My brother has since split with his wife, resulting in said ex-wife lodging a caveat over our QLD IP by advice of her solicitor. (In her solicitor's words, "merely to only notify her should the property be sold and nothing more").
Now we have a buyer for the property.
Distribution of proceeds of sale has been agreed upon by way of court orders by all parties, so no issue there.
When our REA saw the caveat appear on the title search, he asked us to get in touch with caveator's side to see what's the go and can it be lifted asap. We contacted cavetors' solicitor and they assure us the caveat will be "automatically" lifted UPON settlement, it was only put there as a tool to notify the ex-wife should the property be sold.
Our REA said the buyer's solictor will put a clause in the sales contract that the caveat MUST be lifted PRIOR to settlement.
I have spoken with the caveator privately, who is happy to sign and lodge the form to withdraw the caveat plus pay the fee privately if need be. She does not want to pay her solicitor to do it if it can be avoided, as she has already spent a lot of money on him.
I feel like her solicitor has deliberately worded his answer without disclosing the costs associated with withdrawing the caveat and wants to give the impression it will "mysteriously disappear" upon settlement with no mention of the fees associated with this process.
So if she lodges the form by herself, she would be paying $160.40 (we are interstate). If she leaves it to her solicitor (and low and behold they have to lodge a proper form for withdrawal of the caveat), I'm sure they will charge her the $160.40 + their legal advice + preperation fees + time to lodge + licking the envelope etc etc.
Am I right in saying that in order to release ANY caveat (regardless of the reason behind it) the appropriate forms would still have to be lodged and paid for with the titles office? It will not "automatically go away" when the property settles as stated by the caveator's solicitor.
If that's the case, the caveator would much rather do it privately so:
1). We can assure it's done well before settlement and there's no chance of delay or any other complications relating to the caveat
2). Caveator will save on unecessary further legal cost if their solicitors are just going to fill in the same form
I have already downloaded the caveat withdrawal form for her and it is quite a simple form to fill in.
Appreciate any thoughts.
(Apologies for the essay ).
Cheers,
rupert11