This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letter W.
Withdrawal of Caveat
When a caveat is registered on the title of a property it prevents the property from being sold or transferred until it is removed by the caveator. Caveats can be formally withdrawn by lodgement of a ‘Withdrawal of Caveat’ form signed by the caveator and registered with NSW Land Registry Services. Once registered the caveat will be removed from the relevant property and the restrictions placed by the caveat lifted.
This is a Certificate which is provided to the vendor’s solicitors on behalf of the purchaser which waives their cooling off rights. The Certificate can only be issued by the purchasers’ solicitor or conveyancer once the implications of the certificate have been explained to the purchaser. After the Certificate has been issued, the Contracts for Sale can be exchanged unconditionally, and the parties are bound by the contract terms.
When purchasing a waterfront property which has a device/inclusion such as a jetty, boat ramp or pontoon adjoining, your property will likely be subject to a waterfront licence. A waterfront licence may be transferred by application to the relevant body, usually Crown Lands. The application will contain the details of the vendor, purchaser, the property and the relevant devices/inclusions.
For more information on the A – Z of Conveyancing check out our other posts:
The Letter A: Adjustments, Amendments, Auctions
The Letter B: Breach, Broker, Building Contract, By-Laws
The Letter F: Final Inspection, Finance, Fittings & Fixtures
The Letter G: Grants, Guarantee/Guarantor, Goods & Services Tax
The Letter H: Holding Deposit, Home Loan
The Letter I: Inclusions, Inspection Reports, Insurance
The Letter J&K: Joint Tenants, Keys
The Letter M: Mortgage, Mortgagor, Mortgagee.
The Letter N: Negotiations, Notice of Rescission, Notice to Complete
The Letter U: Unconditional, Under Offer