All residents of Iluka are required to be members of the Iluka Home Owners association and each property has a Caveat placed over it. A Caveat is warning recorded on a Certificate of Title which indicates that another party (the caveator) claims an interest in the land. In this case the caveator is the Iluka Home Owners Association for the purposes of ensuring compliance with the Covenants.
When a property is purchased in Iluka, it is usual during the settlement process for the Caveat to be lifted and re-lodged.
If you are refinancing your property then your lending institution may require the existing caveat to be lifted and re-lodged before refinancing can be processed. In some circumstances, the lender may not require the caveat to lifted and re-lodged but will accept a letter from the committee confirming that we have no financial claim over the property. If this applies to you then please advise the lender to contact the committee.
For further information about caveats, contact CWS Lawyers:
Note that there are some statutory costs and fees associated with processing a caveat. Please check with your settlement agent for details.