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Caveats are a type of notice provided by the seller of a property that is being sold. It's usually sent to the buyer's conveyancing solicitor and can be used to notify them of any particular circumstances that might affect their purchase.
Here are three ways your conveyancing lawyer can help with caveats in Australia.
1. Your Conveyancing Lawyer Can Help You Avoid Any Surprises
Caveats are a form of protection for buyers, sellers, and vendors. They are used to prevent the sale of property from being completed before all issues surrounding it have been resolved. They can also be used to protect the interests of people who have an interest in the property but do not own it. A caveat is essentially a notice to other parties involved in the sale that they need to take action before proceeding with the transaction. The person lodging the caveat will be notified if there are any issues with their claim on the property.
Caveats can be lodged by anyone who has an interest in the property and is looking to protect themselves from any potential loss of money or rights. Here are four ways that your conveyancing lawyer can help with caveats:
2. Your Conveyancing Lawyer Can Help Prevent Unnecessary Delays
If the buyer doesn't remove their caveat within the required time frame (which varies depending on each jurisdiction), then you may be able to force them to do so if they're not acting in good faith or if they're otherwise causing problems for your settlement date. This could result in some expensive legal fees so it's important that you consult your conveyancing lawyer immediately if you suspect the buyer is not acting in good faith. Your lawyer will be able to assess your situation and determine whether or not there are grounds for forcing them to remove their caveat.
3. Your Conveyancing Lawyer Can Help You Remove The Caveat
If you do decide to force the buyer to remove their caveat, your conveyancing lawyer will be able to help you with this. They'll assess the situation and determine whether or not there are grounds for forcing them to remove their caveat. If so, they'll then file an application with the court requesting that they do so. If you find yourself in this situation, don't hesitate to get in touch with your conveyancing lawyer. They'll be able to help you get through this unexpected hurdle and ensure that the sale goes ahead as planned.
If you are dealing with conveyancing issues including caveats while trying to sell or buy a home, chat with a lawyer today.Share