A priority notice effectively reserves your spot in the queue. It is a notification of an intended dealing with land and will prevent the registration of any other dealings with the land until it has expired. This does not mean they cannot be lodged but that the dealing covered by the notice will have priority.
The notice will expire when either:
- the dealing referred to in it is registered
- it has been 60 days since it is lodged
- it is withdrawn
- a court orders its removal.
A priority notice will not prevent the recording of an instrument that is not registered. This includes caveats. So a caveat will still prevent the registration of dealing even if a priority notice has been lodged in respect of it.
Other requirements of a priority notice include:
- the information in it must be accurate and complete
- it cannot be amended or corrected once lodged
- the intended instrument when lodged must match the details contained in the notice
- they must be lodged electronically even where a paper instrument is to be lodged.
If the notice needs to be withdrawn and a new one lodged the intended dealing will lose priority over any dealings that have been lodged after it. In other words, it will lose its spot in the queue. It is, therefore, important that make sure they are correct. It is advisable to refrain from lodging the notice until you are certain of the identity of the parties and it is less than 60 days until the dealing is to be lodged.