On 9 December 2016, Land Victoria will introduce a priority notice lodgement process.
What is a Priority Notice?
A priority notice is a notification to the world of an intended dealing with regard to land.
A priority notice will act as a temporary prevention of the registration of any other dealing over the land.
The information contained within the priority notice must be accurate, complete and match the information contained within the instrument when the dealing is lodged.
Priority notices will be lodged with the Registrar of Titles at the Victorian Land Registry and, once lodged, will appear on a search of the Register.
A priority notice will expire/lapse upon the happening of one of the following events:
- It is withdrawn by the lodging party;
- If the dealing is lodged within 60 days of the lodgement of the priority notice;
- If the dealing is not lodged within 61 days of the lodgement of the priority notice; or
- By order of the Court.
What are the benefits?
The intended benefits of the new priority notice system are:
- To protect the interests of parties to an intended dealing from the time that the notice is lodged until the time that the instrument is lodged;
- To alert parties of intended dealings when the priority notice is lodged over the land; and
- To minimise the risk of fraudulent or unintended lodgements.
What’s the cost?
The fee payable upon the lodgement of a priority notice is, at this stage, indexed at $28.60. Regular lodgement fees will still apply when the dealing is lodged.
If you require any further information in relation to the new priority notice system, please contact us.