Yes. The registration of a caveat on your title will prevent the sale process by making settlement impossible. Additionally, a caveat can prevent you from refinancing or taking out a mortgage. Although the discovery of a caveat prevents the majority of dealings relating to your title, you can take some comfort in that fact that the registration of the caveat does not grant any special rights or powers over the property to the person that lodged the caveat. The existence of the caveat simply means that dealings with the property cannot proceed unless the caveator consents or the caveat is removed.
Why is there a caveat on my property?
A caveat may have been lodged against your property for a number of reasons, including:
– outstanding secured debts;
– an agreement that a caveat can be lodged in a credit application or terms of trade document;
– bankruptcy;
– family law proceedings; or
– ongoing disputes between co-investors in property.
In general, registering a caveat over the title to a property is done to stop other interested parties from dealing with or transacting with the property in question without the caveator’s (the person that lodged the caveat) consent.
Will a caveat disappear over time?
You can’t wait a caveat out. The caveat will remain on title until action is take. This is why it is important that you take action to remove an wrongful caveat from your property by engaging with us immediately.
How do I remove a caveat in Victoria?
If you wish to sell your property, refinance or take out a mortgage, it is crucial that you act to remove a wrongful caveat from your title. As such we recommend you contact us as soon as possible to commence caveat removal proceedings.
Please Contact Caveat Removal Victoria should you wish to take action toward removing a caveat from a property in Victoria.
