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A Caveat is a document lodged at the Land Titles Office to protect any person who has an interest in land.
A Purchaser’s Caveat is a document lodged at the Land Titles Office to protect a Purchasers interest in the property pursuant to the Contract of Sale.
There is generally a delay of several weeks from the time the Purchaser signs the Contract to the time that settlement takes place.
During this time, the Certificate of Title to the property is still in the name of the Vendor and the Vendor or third parties associated with the Vendor can encumber the property without the Purchaser’s knowledge.
A valid Caveat will in effect prevent any other encumbrances being placed on the Certificate of Title and protects the Purchaser’s interest in the property.