Definition
Caveat
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A caveat is a legal notice filed by a person or entity for a claim of interest in a property.
This legal document is lodged with the Singapore Land Authority (SLA).
When a property buyer approaches closing, he would lodge his own caveat with the authorities to legally claim interest on the property.
This is usually a formality after the execution of a sales and purchase agreement or exercising of an option-to-purchase.
This basically means that anyone who buys the property or claims it later would have to “go through you”. It also prevents fraudster from seller real estate which they do not own.
During the process of closing, the real estate agent or law firm would perform a title search to ensure that there are no unusual caveats filed on the property so that the new owner can legally takeover ownership in peace.
When an unidentified claimant to the property is discovered, meaning an encumbered property, then the buyer’s team would have to find legal means to remove them. Otherwise, the buyer would have to settle with the claimant in order to proceed with closing.
It’s not often that people find unknown caveats filed on property. And if so, one would have to seek the advise of lawyer to help solve the problem.
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