What does caveat the title mean?

What does caveat the title mean?

In general terms, a caveat is a notice that is lodged against the certificate of title for someone else’s land. Lodging a caveat means that the owner of the land cannot transfer, mortgage or otherwise deal with the land without the caveator’s consent (unless the caveat is released or a Court orders otherwise).

What is a caveat in property?

A caveat acts as a warning or formal notice to tell the public that there is an interest on the land or property for a particular reason. The word caveat means ‘beware’ and lodging a caveat on real property warns anyone dealing with the property that someone has a priority interest in that property.

What is a no caveat clause?

If you are a shareholder of a company, you cannot caveat the title to property owned by the Company. If your agreement or lease specifies a ‘no caveat clause’ then no caveat will be upheld unless there are public policy grounds to allow the caveat such as a breach of contract.

What is a caveat over land?

Caveats are used to protect interests in land. A caveat acts as a “freeze” on the property in question and prevents anyone else registering a dealing with that property that may be contrary to the interest of the person who lodged the caveat. Therefore, a caveat gives notice to the world of an interest in land.

What significance would a caveat have to a potential buyer of the land?

The main purpose of a caveat is to prevent the sale or disposition of the land until the issue of the interest under the caveat has been protected or perfected. The most common form of caveat is the caveat against dealings with a particular piece of land.

What is an equitable interest in property?

An equitable interest is an interest in or right over property, which gives the holder the right to acquire formal legal title. The concept of an equitable interest only exists in jurisdictions with common law backgrounds. Examples of recognised equitable interests include: A beneficiary’s interest in a fixed trust.

Can a caveat be withdrawn under the Land Title Act?

The Land Titles Act provides that a caveat may be voluntarily withdrawn pursuant to section 137, lapsed pursuant to section 138 or discharged upon application pursuant to section 141. These procedures provide all parties concerned with a method to deal with the caveat in a quick and simple manner.

How can a caveat be removed from a property?

1 The caveat can be withdrawn by the caveator (the person who lodged the caveat); 2 By a court order for removal of a caveat; 3 The caveat may lapse (on application by the owner or another person).

What are the procedures under the Land Title Act?

BACKGROUND The Land Titles Act provides that a caveat may be voluntarily withdrawn pursuant to section 137, lapsed pursuant to section 138 or discharged upon application pursuant to section 141. These procedures provide all parties concerned with a method to deal with the caveat in a quick and simple manner.

How can I get an invalid or expired caveat off my title?

This first method is the simpler of the two, but it can only be used where it is obvious by reading the caveat that the rights protected by it have clearly expired. This process is started when you register a request at land titles to have the caveat removed. This request is made using the land titles Request/Transmission form.