priority notices now available in NSW

The Real Property Amendment (Electronic Conveyancing) Act 2015 introduces priority notices for electronic lodgment via the PEXA platform, effective from 1 October 2016. A priority notice notifies interested parties who search the register of a legal or equitable interest in the land and that an instrument or transaction is pending, removing the risk of the gap between settlement and registration.

The priority notice is effective for 60 days. Once the 60 days have passed, if there has been no application for extension, the priority notice will be removed from the title. Purchasers who have entered into a contract for sale of land have a caveatable interest in the land and should therefore consider lodging a caveat rather than a priority notice which has no automatic expiration date.

A priority notice will only be available for electronic lodgment through the PEXA platform, which can be effected at b+a.

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