The Land Transfer Act 1952 in New Zealand provides for 5 types of Caveats.
A caveat is a warning to anyone to be aware. A Caveat is a notice which is registered against a title for any party to be aware that a claim is being made and sought. Caveats do not create new rights, they are used to protect existing ones. The person lodging a caveat must have reasonable grounds to register a caveat. If they don’t then they may be liable to compensate anyone who suffers a loss as a result of the registration.
The different types of Caveats are:
1. A caveat against bringing land under the Act.
2. A caveat against dealing with land.
3. A caveat against an application for prescriptive title.
4. A caveat as notice of interest in respect of compulsory registration of title.
5. A caveat to forbid issue of an ordinary certificate of title to replace a certificate limited by parcels.
Other types of Caveats can be registered by other statutes. As an example Section 42 Property Relationship Act 1976, where a spouse is claiming an interest in the other spouse’s property.
Or
Section 6 of the Joint Family Homes Act 1964 which allows a creditor to possibily lodge a caveat claiming an interest in the land due to debt.
The most common caveat we come across is the caveat against dealings. Generally a caveat is used by a person who wishes to protect an interest in land by preventing the registered proprietor from disposing of the land or dealing with it in a way that would affect the caveators rights and interests.
Caveats can be registered to protect a Purchaser under a long term Agreement for Sale and Purchase, or the Caveator is a lessess under an Agreement to Lease, or the Caveator is a mortgage under an agreement or unregistered mortgage, or the Caveator holds an option to purchase, or if the Caveator is a beneficiary under a Trust.
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