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In Vic – Are purchasers caveats really required now?

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  • Re: In Vic – Are purchasers caveats really require...

In Vic – Are purchasers caveats really required now?

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maninmelb
maninmelb
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on ‎06-10-2018 09:13 PM

on ‎06-10-2018 09:13 PM

In Vic – Are purchasers caveats really required now?

With mandatory electronic conveyancing in Victoria , and this containing title activity checks. Are purchasers caveats really required or now just overkill ?

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  • Lodgement
  • VIC
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GrazielaEidelson
GrazielaEidelson
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on ‎26-10-2018 03:23 PM

on ‎26-10-2018 03:23 PM

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Re: In Vic – Are purchasers caveats really required now?

Hi Andrew,

Purchasers are not obliged to lodged caveats, but it may be a good practice on a case by case basis.

Imagine, as an example, that the Purchaser and Vendor entered into a contract for settlement in 6 months time and the vendor got the deposit released. The vendor, then, re-sells the property to a third party in good faith. By the time of settlement with the first purchaser, the vendor is no longer the owner and it is bankrupt or in liquidation. The unfortunate Purchaser, in this case, is an unsecured creditor.

The priority of registration may become an issue... another example is Osmanoski v Rose [1974] VicRp 64; [1974] VR 523 98 October 1973).

There is a multitude of examples.

Probably the best response is for the party to get legal advice appropriate to the specific circumstances of your transaction.

Cheers

Graziela

 

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GrazielaEidelson
GrazielaEidelson
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on ‎26-10-2018 03:23 PM

on ‎26-10-2018 03:23 PM

Solution

Re: In Vic – Are purchasers caveats really required now?

Hi Andrew,

Purchasers are not obliged to lodged caveats, but it may be a good practice on a case by case basis.

Imagine, as an example, that the Purchaser and Vendor entered into a contract for settlement in 6 months time and the vendor got the deposit released. The vendor, then, re-sells the property to a third party in good faith. By the time of settlement with the first purchaser, the vendor is no longer the owner and it is bankrupt or in liquidation. The unfortunate Purchaser, in this case, is an unsecured creditor.

The priority of registration may become an issue... another example is Osmanoski v Rose [1974] VicRp 64; [1974] VR 523 98 October 1973).

There is a multitude of examples.

Probably the best response is for the party to get legal advice appropriate to the specific circumstances of your transaction.

Cheers

Graziela

 

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