Starting from 28 November 2016, clients in NSW will be able to lodge a Priority Notice with the office of Land & Property Information.
In essence, a Priority Notice is a notification of the intent to register specified dealings with land. Once lodged, a Priority Notice will temporarily prevent the registration of other dealings with the subject land.
Priority Notices have been introduced in order to:
- Provide greater certainty to the transaction
- Alert interested parties to a pending dealing or transaction
- Increase assurance to incoming parties of a settlement
- Assist in fraud prevention and detection
A Priority Notice will remain in place for 60 days after lodgement, with the option to extend once only for a period of 30 days. It can be removed at any time by lodgement of the Withdrawal of Priority Notice. All Priority Notices (including extensions and withdrawals) must be lodged using an Electronic Lodgement Network.
For more information, or to make an enquiry regarding Priority Notices, please contact our office on (02) 9232 2411 or email firstname.lastname@example.org