Understanding Priority Notices

30th May, 2024

In New South Wales, a priority notice functions as a notification of intention to lodge a land dealing, like a transfer, lease, or mortgage. Once registered, they effectively prioritise the intended transaction, temporarily blocking other dealings from being registered. This ensures that the intended dealing maintains its priority on title until settlement, offering a level of security for all parties involved.

Priority notices must be lodged online through PEXA. They initially last for 60 days from registration, with the option to extend once for an additional 30 days or can be withdrawn before expiry.

Priority notices offer a cost-effective and efficient way to protect interests in property transactions. Lodging a priority notice, differs from a caveat as the notice automatically lapses, and a caveatable interest in the property is not required. Removing a caveat can become quite complex, therefore lodging a priority notice can mitigate risks and ensure protection without the complexity of a caveat. To read more on caveats, please follow the link https://castrikumlegal.com.au/corporate-and-consumer-law-bangalow/.  Additionally, consecutive priority notices can be lodged, making it simple to manage multiple transactions.

While priority notices are cost-effective and efficient for preserving the future dealings, it’s crucial to assess whether the dealing will be lodged within the notice period. If unsure, we can assist you.

Priority notices offer a quick solution within the electronic conveyancing process. For further guidance on priority notices and conveyancing, reach out to us today on (02) 6687 0548.