In November of 2016 we reported on the introduction of Priority Notices in New South Wales. On 9 December 2016, Priority Notices were also introduced in Victoria.
A priority notice is a notification of an intended dealing with land. The notice is lodged with the Registrar of Titles at Land Victoria and acts to temporarily prevent the registration of most other dealings with the property. The purpose of the priority notice is to protect the interests of parties to an intended dealing, alert those who search the Register that an intended dealing is pending, and assist in fraud prevention.
Some important points about priority notices:
- Priority notices will only prevent the recording of a dealing which requires the Certificate of Title to be produced in order to have that dealing recorded (i.e. it will not prevent the registration of caveats, warrants and land tax charges).
- Priority notices will be effective for 60 calendar days from the day after the date of lodgement but will automatically expire upon the registration of the intended dealing if registered prior to the expiry of the 60 days.
- The information contained within the priority notice must be accurate to have effect. Priority notices cannot be amended once lodged. If an error is made, the notice must be withdrawn and a new one lodged.
- When the intended dealing is lodged for registration, it must correctly match the details contained within the priority notice or the dealing will not be registered.
- Priority notices must be lodged using an electronic lodgement network (i.e. PEXA) even if the intended dealing will be lodged in paper form.
For more information, contact us.