Authority Updates - Victoria - November 2016

New dealing type - Priority Notices

Introduction of Priority Notices

From 28 November 2016, Priority Notices can be lodged in NSW.

A Priority Notice is a notification of the intended registration of specified dealing(s) with land and once lodged a Priority Notice will temporarily prevent the registration of other dealings with the subject land (with some exceptions). 

Priority Notices are provided for in Part 7B of the Real Property Act 1990

LPI objectives for introducing Priority Notices include: 

  • providing greater certainty to the transaction for which priority is reserved;
  • alerting interested parties who search the Register that an intended dealing or transaction is pending;
  • providing increased assurance to incoming parties at a settlement and allowing the settlement to take place; and
  • assisting in fraud prevention as details of a pending transaction will appear on a search of the Register, increasing the likelihood of a fraud being detected. 

A Priority Notice is different from a Caveat in that a Caveat prohibits the registration of certain dealings pending the perfection of a claimed estate or interest in land, whereas a Priority Notice gives priority to the registration of specified unregistered dealing(s) for a limited period of time. 

Priority Notice, Extension of Priority Notice, and Withdrawal of Priority Notice must be lodged using an Electronic Lodgment Network (Rule 8.1 Conveyancing Rules V2)

A Priority Notice: 

  • has effect for 60 days from the date of lodgment;
  • can be extended once only for a period of 30 days by lodgment of an Extension of a Priority Notice; and
  • can be withdrawn by lodgment of a Withdrawal of Priority Notice. 

Land and Property Information fees as at 28 November 2016

  • Priority Notice: $33.80
  • Extension of Priority Notice or Withdrawal of Priority Notice: $14.00 

For more information see Circular 2016/14 Circular 2016/14 or contact LPI on T: 1300 052 637 or E: GeneralEnquiry@lpi.nsw.gov.au.

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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.