What is a Priority Notice?
- A Priority Notice records the priority of an anticipated transaction on title, including the order in which it is to be lodged.
Why lodge a Priority Notice?
Whether purchasing, selling or transferring property the registration of a Priority Notice will:
- provide greater certainty to the transaction for which priority is reserved;
- alert interested parties searching the Register that an intended dealing or transaction is pending.
When to lodge a Priority Notice
It may be prudent to lodge a Priority Notice in circumstances where:
- a delay is incurred preventing the registration of a dealing;
- you wish to prevent a new legal interest in land being registered prior to registration of the relevant dealing you seek to have registered on the title for land.
How long is a Priority Notice effective?
A Priority Notice:
- has effect for 60 days from the date of lodgement;
- can be extended once for 30 days;
can be withdrawn by lodgement of a withdrawal of Priority Notice.
Subject to the imposition of an order by the Supreme Court, after a Priority Notice has expired or withdrawn, there is no restriction on lodging another Priority Notice.
Benefit of Priority Notice
While there are exceptions, generally a Priority Notice will give priority to the registration of the intended dealing(s) identified in the Priority Notice.
Important Disclaimer: The content of this publication is general in nature and for reference purposes only. It is current at the date of publication. It does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication.