A Priority Notice is an inexpensive and simple way of preventing new legal interests in land being registered prior to the registration of the relevant dealing on the title for land.
You might have noticed we have to collect your passport, driver’s licence and other documents to satisfy the NSW verification of identity requirements. In a further move to protect the rights of parties dealing in land, Priority Notices have been introduced in NSW.
What is a Priority Notice?
Priority Notices are designed to remove the risk of the registration gap between settlement of a transaction and registration of the documents with the Land & Property Information. A Priority Notice will only be available for electronic lodgement through the PEXA platform. Cheney Suthers Lawyers are members of PEXA and have successfully completed several online transactions.
Once lodged, a Priority Notice alerts all interested parties who search the Register to the fact that the lodgement of a conveyancing transaction is imminent. Priority Notices can currently be lodged in other jurisdictions including Queensland, Tasmania and South Australia.
How long will it last?
Priority Notices are effective for 60 days. This period can be extended once only for a further 30 days if the application for extension is made while the Priority Notice is valid. A party can issue subsequent Priority Notices, if the need arises.
A Priority Notice can be withdrawn by lodgement of a Withdrawal of Priority Notice.
What dealings can be lodged with a priority notice recorded on title?
Registration of the following dealings would not be prevented by a Priority Notice:
- a dealing in registrable form that was lodged before the Priority Notice
- the dealing or dealings to which the Priority Notice relates
- a caveat or the withdrawal or lapsing of a caveat