A Priority Notice may be lodged in VIC, NSW and QLD to protect the interest of either an Incoming Proprietor or Incoming Mortgagee in either a PEXA or paper transaction and assist with fraud prevention. A Priority Notice reserves priority on a title in real time and will allow only dealings that have been specified in the lodged Priority Notice to be registered. If a title search is completed, the Priority Notice will alert that an imminent transaction has been reserved. Some dealings may continue to be lodged with a Priority Notice in place, ensure to check the legislation in your jurisdiction:
When lodged, the Priority Notice will be applied to the title for 60 days and may be extended by an extra 30 days, therefore protecting the interest in the property for up to 90 days. A Priority Notice will be lifted off a title at either:
It is important to note that only the party who has lodged the Priority Notice will have authority to extend or withdraw the Priority Notice. Extending or withdrawing a Priority Notice can only be performed from the same Workspace the Priority was lodged in.
A Priority Notice may be lodged in the roles of:
Applicant:
Incoming Proprietor:
Incoming Mortgagee:
Where a Priority Notice is prepared in the role of Incoming Proprietor or Incoming Mortgagee, PEXA will use the information that has been returned from the Land Registry as well as data from the Participant and Document screen to pre-populate information into the Priority Notice. The Priority Notice can be viewed by all participants in the Workspace. Extension of Priority Notice and Withdrawal of Priority Notice documents are excluded from View by all other Participants.
The Priority Notice will pre-populate with.... |
|
Caveat is registered on Title |
Withdrawal of Caveat for each Caveat |
Mortgage is registered on Title |
Withdrawal of Mortgage for each Mortgage |
Transfer document has been created |
Transfer for each Transfer document created with Transferees correctly names as party to the instrument |
Incoming Parties have been represented but no Transfer has been created |
Transfer with each Transferee named as a party to the instrument |
Mortgage document has been created |
Mortgage for each Transfer document created with Mortgagees correctly names as party to the instrument |
Mortgagee parties have been represented but no Mortgage has been created |
Mortgage with each Mortgagee named as a party to the instrument |
In this section:
Extension of Priority Notice can occur any time prior to the expiration date of the Priority Notice (within the 60 days).
Extension of Priority notice can only be completed via the Workspace where the Priority Notice was created and only by the Participant who created the Priority Notice.
Where a Priority Notice has been lodged in a Workspace with other documents, an Extension of Priority Notice can only be lodged where the Workspace Settlement has not executed.
Withdrawal of Priority Notice can occur any time prior to the expiration date of the Priority Notice (within the 60 days).
Withdrawal of Priority Notice can only be completed via the Workspace where the Priority Notice was created and only by the participant who created the Priority Notice.
Where a Priority Notice has been lodged in a Workspace with other documents, a Withdrawal of Priority Notice can only be lodged where the Workspace Settlement has not executed.
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