Caveats allow a person who is interested in a property to hold the property to prevent the owner from selling or transferring it. The experienced team at Tschirpig Conveyancing in the Northern Territory understands the legal framework involved in property sales and can help you navigate these often complex situations. For more on what a caveat is and when you can place one on a property in the NT, read below. Contact our friendly team today to learn how we can help.
What is a Caveat? Territory Conveyancing
Caveats are legal documents providing notice that a party is interested in the purchase of a commercial or residential property. They allow you to inform other potential buyers that there is a claim, and typically prevent them from registering an interest without your consent or until you withdraw the caveat. It acts as a security measure, preventing the owner from selling or transferring the house or holding it as a security loan. To lodge a caveat, you must have a legal basis of interest in the property, and as a trusted property conveyancer in the NT, we can help.
Property Conveyancer in the NT: When to Lodge a Caveat
If you have a legal claim or legitimate right to a property that isn’t currently outlined or recorded, get in touch with our territory conveyancing team and place a caveat to prevent the owner from selling it. You can submit a caveat if you have a legal interest, which can include:
- When a financial agreement or loan exists with the owner, and the property is the security
- If a lease or easement gives you a legal right to the land
- An agreement for sale, where you and the owner have previously agreed that you will purchase the property, but the sale isn’t final
- An equitable interest, where you are contributing financially to the improvement or purchase price of the property, despite not being the owner
The team at Tschirpig Conveyancing brings unmatched expertise to property law in the Northern Territory. Contact us online today.
