When dealing with property transactions, be it as a seller, buyer or even when we provide our property as security for the banks, we will almost inevitably encounter and often hear of the term ‘private caveats’.
The National Land Code1965 has created four (4) types of caveats which are the Registrar’s Caveat, Private Caveat, Lien-Holder’s Caveat and Trust Caveat. Of the four caveats, the Private Caveat is the caveat most commonly used in property transactions. Private caveats are usually considered as part and parcel of the conveyancing process. Despite it being so commonly used, how many of us do really know the significance and importance of the existence of private caveats? How do we enter these caveats? If you discover the presence of a private caveat on your land (God forbid it!) what should you do? Can the private caveat be removed? What are the steps you should take to remove the private caveat?