If you are facing legal problems, knowing how to access legal advice can make all the difference. We hope that this blog will provide you with an helpful source of information regarding the law and legal procedures used in court. The people who have crafted these articles are not legal experts. However, they do have a great deal of knowledge which has been gained by reading books about law, watching YouTube videos of famous cases, and communicating on online forums. The articles will look at criminal, commercial, and family law. Thank you for checking out this blog and reading what we have on offer.
If you're looking for a new home to call your own but do not have much experience in this area, you may be beginning to understand the legal process involved. You know that you will eventually have to sign a contract of sale once you've agreed to terms and will need to carry out certain checks to make sure that you have the proper rights to the house in question. When it comes to these checks, you may have heard about a potential problem area linked to something called a 'caveat'. What is this, and how large a problem could this be if it is attached to a property you like?
A caveat means a notice containing a warning or certain stipulations, limitations or conditions. It may be lodged by a third party to stake a claim of interest in the property in question and, once registered, could effectively freeze any contract of sale.
People can lodge a caveat for a variety of different reasons. For example, a former partner of the current owner may feel that they have an interest in the house even though they are not named on the title. They may think that they should benefit financially when the property is sold, as they may have contributed in some way to its upkeep over the years. Clearly, the current owner may now disagree, but further action will be required if their former partner decides to register a caveat. The owner should consult with their solicitor, apply for the caveat to be removed, or negotiate a deal with the other party.
More Usual Caveats
However, other entities may also lodge a more straightforward form of caveat. For example, if a utility company must have the right of access to the property because of an underground access point or similar, they would lodge a caveat to make anyone aware of their rights. If there is an outstanding debt of some kind, such as a mortgage, the lender will certainly make everyone aware of their interest. In this latter case, the mortgage would probably be satisfied before settlement anyway, so the caveat would automatically disappear at that time.
If you work with an experienced conveyancer as you search for and try to secure a new property, they will certainly be able to advise you if you ever come across a caveat. They'll tell you what needs to be done to accommodate this clause so you can decide what to do as you proceed. Contact conveyancing lawyers in your area to learn more.Share