Authority Updates - National - October 2016

National: Priority Notices

Priority Notices are set to be introduced across the industry to protect the interests of a party or parties coming on title.

They differ from a caveat in that they are recorded on title to advise of a pending transaction, preserving priority.

They provide an added level of protection for the incoming proprietor/transferee/purchaser with the use of electronic titles.

Introduction of Priority Notices  
STATEANTICIPATED START DATE (TBC) 
NSWNovember 2016 (Electronic Only)
VICDecember 2016(Electronic Only)
QLDSet to replace Settlement notices (Form 23) 
TASFrom PEXA launch (end of 2017) 
WAN/A 
SAApril 2015 

 

Some financial institutions have made Priority Notices a requirement in any dealings they have, so we recommend you know what are they for and who can lodge them.

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Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd  ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.