In South Australia a Priority Notice is a notice which is lodged against a Certificate of Title or Crown Lease to reserve priority for a pending transaction that will affect that land.
This gives protection of a parties’ interest in a property and will become more important when duplicate Certificates of Title are abolished and electronic conveyancing commences in SA.
A Priority Notice will reserve priority for the transaction set out in the notice and will notify any parties searching the title that the transaction is pending.
The SA Government introduced the Priority Notice in April 2015 and we have been implemented them into our office procedures since September 2015. At present there are only a few firms in SA that are providing this service.
The notification of pending transactions will assist in fraud prevention! It will also improve the accuracy of title searches as currently no record appears on the SA Land Titles Register until the relevant dealings have been manually data entered.
Whilst the lodgement of Priority Notices is not mandatory it may become necessary if the banks decide that they want to have one placed on the register before they can settle. This will protect their interest as well.
Priority Notices will be effective for 60 calendar days from the date of lodgement and there will be an option to extend a Priority Notice (once only) for a further period of 30 calendar days.