Priority Notices

What Is a Priority Notice?

A priority notice is a form submitted to the Department of Land Registry and Mines that shows there is a potential change of ownership in progress, and all actions that may affect the property are on hold until a decision has been made to change ownership or to maintain the status quo.

Why Is a Priority Notice Important?

Selling and purchasing property has many moving parts, a priority notice ensures that there are no actions taken against the property that will affect the outcome of the potential sale. If you are interested in purchasing a property, the priority notice would ensure that no new interests in the property are registered until you have completed the sale or backed out of the negotiations.

It may also be necessary to lodge a priority notice when transferring property between relatives. This prevents third-party claims from being made against the property during the transfer.

If any legal disputes arise between the current owner and a third party, your interests will be protected and take precedence over any legal outcomes – for example, there can be no lien placed on the title until the negotiations have concluded.

A priority notice protects the interests of all parties involved in the transfer to prevent unexpected occurrences from changing the deal being negotiated.

Implications Of Lodging a Priority Notice

A priority notice aims to prevent any changes from being made to the deal you are making. Third-party interference could leave the property less desirable or impose restrictions that limit the changes you can make. The priority notice protects your interests and ensures the property you want to purchase is protected from new interests or claims.

Protect Your Interests with Ownit

Purchasing a property, whether residential, commercial, or industrial is a tricky process that needs legal knowledge to navigate the many nuances of property transfer. Ownit conveyancers are lawyers who specialise in property, so they know how to ensure your interests are fully protected and to prevent conflicts with other interested parties that could potentially arise during the reserved period.

With all the legalese to navigate when buying and selling a property, a trusted and valued team behind you will make all the difference. Ownit Conveyancers are a team of highly qualified and knowledgeable lawyers who specialise solely in QLD conveyancing. We give your interests our full attention and make you our top priority.

To find out how we can help protect your interests during property negotiations, please call 1300 553 750 today.

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Andrew Francey

B.Bus, GCAF, GAICD

Chief Operating Officer

Andrew has over two decades experience in high growth fast moving consumer goods, agribusiness and professional services. Supporting the Ownit team to deliver on client expectations, and implementing processes to scale the organisation, is a key focus for Andrew.

Andrew is a C-Suite leader with Chairman and Board experience.  He has formal qualifications in Business, Applied Finance and AICD Company Directors Course.

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