How A Caveat Will Protect Your Land From Fraudsters
A Caveat is a statutory injunction that can act as a warning on a land title to protect your interests in land.It is a legal notice that prevents certain transactions on property or land without the consent of the person who lodged it.
The word caveat means ‘beware’, and lodging a caveat on real property warns anyone dealing with the property that someone has a priority interest in that property.
The party who lodges a caveat is also known as a caveator.
In other words, it ensures that someone’s land cannot be tampered with.
Below are some of the benefits that explain how the caveat will protect your land from fraudsters:
It protects your interest in property or land from fraud or any other unauthorized dealings that may be planned to take place.
It will enable you to be informed, so you may be in a position to stand up for your rights regarding how you can defend and protect your land from people taking advantage of it.
When you are a lender, lodging a caveat can also help protect your financial interests by securing your right to claim the property if the borrower defaults on their payments or obligations, like if they decide to fall out on the terms that the both of you agreed on.
As a property buyer with a long settlement, it offers increased protection as it makes a record of their interest even before the title is transferred into their name.
It can also register plans for demolition.
If you are interested in lodging a caveat, then you must ensure you have availed yourself of the following:
The caveator’s name and residential address or registered office, including an address where notices can be served.
The name and address of the registered proprietor.
Reference details to which the caveat relates.
Particulars of the legal or equitable estate of interest.
A verified statutory declaration, and the signature of the caveator, lawyer, or another agent of the caveator.
