Application for Preparation of Lapsing Notice by a Registered Interest Holder
This page aims to help you complete an electronic Application for Preparation of Lapsing Notice by a Registered Interest Holder dealing form. This form is used as an application by a registered interest holder (such as a mortgagee, lessee or chargee) for the Registrar General to prepare a notice relating to the lapsing of a caveat for service on the caveator pursuant to section 74J Real Property Act 1900.
This dealing form cannot be used to lapse caveats which are recorded against an interest. For example, if a lessee wishes to lapse a caveat recorded against the registered lease, it must be lodged as a Dealing with Exception.
Examples of how this application may be used include a registered mortgagee or chargee may use this dealing form to lapse a caveat prior to exercising its power of sale.
Once an application has been lodged, NSW LRS will prepare a notice to the caveator of proposed lapsing of the caveat. This notice is sent directly to you in duplicate either by mail or by email to the nominated address. Accompanying the notice will be detailed instructions on how to correctly serve the caveator.
After the caveator has been served with the notice, you or your Client are then required to provide evidence of this service back to NSW LRS in the form of a statutory declaration.
Once the caveator has been served they have 21 days from the date of service of the notice in which to apply to the Supreme Court of NSW for a court order to extend the caveat.
Where the above does not apply, please refer to one of the below applications:
NOTE: This form must not be used where the claim in the subject caveat was made pursuant to the Criminal Assets Recovery Act 1990 or if the caveator is the NSW Crimes Commission. Such caveats cannot be lapsed.
Once satisfactory evidence of service of notice to lapse the caveat has been received by NSW LRS, the application cannot be uplifted or withdrawn.
NOTE: The registered interest holder who wishes to lapse the caveat must be represented in the workspace for this dealing form.
Before lodging this document electronically via an Electronic Lodgment Network, a Subscriber must:
- verify their Client’s identity
- establish their Client’s right to deal with the land
- have a properly completed and executed Client Authorisation form and
- retain evidence that supports the dealing (see Supporting Evidence below).
The Subscriber must also certify that they have taken reasonable steps to ensure that the instrument is correct and compliant with relevant law and any Prescribed Requirement.
For more information on these requirements see:
Guide to complete
Legislation – section 74J Real Property Act 1900.
Stamp Duty – not required.
Notice of Sale – not required.
Standard Form of Caveat – a caveat noted on the Register will not prevent the recording of an Application for Preparation of Lapsing Notice by a Registered Interest Holder.
Priority Notice Noted on the Register - see Priority Notice page for more information.
The following headings refer to the data fields which must be completed in order to lodge an electronic Application for Preparation of Lapsing Notice by a Registered Interest Holder dealing form.
Enter the land title reference(s) for the land affected by the caveat.
Party Details – Party Name
Select the registered interest holder.
Create Document – Select Other Documents.
Select Application for Preparation of Lapsing Notice by a Registered Interest Holder.
Dealing on Title
Select the dealing number of the caveat.
Select the caveator.
Add another type of interest (being the registered interest that is the subject of this lapsing notice)
Select the registered interest, being a mortgage, lease or charge.
Select the dealing number of the registered interest that is the subject of the lapsing notice.
Select the name of the interest holder.
Registered Interest Holder
Select the registered interest holder who wishes to lapse the caveat.
Full Lapsing Notice by a Registered Interest Holder pursuant to
Select the following:
- 74J. The applicant, being the registered proprietor of the registered dealing, applies under SECTION 74J OF THE REAL PROPERTY ACT 1900 for the preparation of the notice referred to in that section.
In addition to evidence supporting the steps taken by the Subscriber to verify the identity of their Client and establish their Client’s right to deal, the Subscriber may be required to retain other evidence to support the dealing.
Please refer to the ARNECC Guidance Note 5 for assistance on retaining evidence to support conveyancing transactions in accordance with the NSW Participation Rules.
All NSW legislation can be accessed at www.legislation.nsw.gov.au