What is a Caveat?
A caveat is a formal warning given to another person in confidence that some action may be taken which, if it were done, would affect that person injuriously or unadvisedly. It is a legal document which prevents the transfer of title of certain property from proceeding. It is mainly used when a person has a legal interest in another person’s property, but only wishes to prevent the transfer of title until their interest can be investigated and resolved and Caveat petition format A caveat is placed on a title until the person filing it has had their claim resolved. Once their claim is resolved, they can then remove the caveat. If they fail to remove the caveat, or if their claim is not resolved, then their name will remain on title for the rest of the property’s life. Once placed on title, a caveat is a public notice to all people that a legal action over the title may be pending.
Why use a caveat?
A caveat is a legal document which prevents the transfer of title of certain property from proceeding. It is mainly used when a person has a legal interest in another person’s property, but only wishes to prevent the transfer of title until their interest can be investigated and resolved. You may wish to file a caveat if you suspect that another person may be attempting to sell their property to a third person without informing you of your interest in the property. Alternatively, if you have recently filed a lawsuit against someone, you may wish to file a caveat in order to prevent them from selling the property in question until the court has settled the lawsuit. Filing a caveat is a very inexpensive and quick way of halting a potential sale until your claim can be resolved.
When to use a caveat?
- You suspect that someone is attempting to sell their property without informing you of your interest in the property. - You have recently filed a lawsuit against someone and want to prevent them from selling the property in question until the court has settled the lawsuit. - You want to preserve the right to bid on a property that is being sold at an auction. - You wish to buy a property that is being sold at an auction and want to ensure that the title is clear before you proceed with your offer. - You are in a contractual dispute with someone who owns property and want to prevent them from selling the property until the dispute is resolved. - You want to buy a property at a foreclosure sale, but the title is unclear.
How to write a caveat petition?
A caveat petition is the document you will use to file your claim against a property. The following information highlights the key points you’ll need to include in your caveat petition. A Caveat is filed in the Land Title Office against the title of a particular parcel of real estate to which you feel aggrieved because of an unauthorized act or omission. The Caveat is valid for 6 months and can be extended for an additional 6 months. - Date and place of filing - This is the date on which you file the caveat petition at the Land Title Office. - Title and name of petitioner - This is the title of the person who is filing the caveat. - Description of land - This is a description of the property that is being claimed in the caveat petition. - Nature of the act or omission complained of - This is the nature of the act or omission that has been done without the consent of the petitioner. - Details of any previous effort to have the act or omission corrected - This is the details of all steps that have been taken to have the act or omission corrected.
2 Fresh Caveat formats for you!
- The Caveat warning - This is a standard Caveat that warns the owner of the property that a legal action may be pending with regard to the title of that property. - The notice of claim of interest - This is when an individual who has a legal interest in another person’s property wishes to prevent the transfer of title until their interest can be investigated and resolved. These both are valid for 6 months, and can be extended for an additional 6 months.
