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ARTICLE · 14 JANUARY 2008

The Danger Lurking Between Exchange And Completion

DLA Piper Australia
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The recent decision in Black v Garnock [2007] HCA 31 demonstrates the important practical issues for purchasers in safeguarding their purchase between the period from exchange of contracts and settlement.

AustraliaReal Estate and Construction
Carrie Follas
Carrie Follas
Amy Robinson
Amy Robinson

The recent decision in Black v Garnock [2007] HCA 31 demonstrates the important practical issues for purchasers in safeguarding their purchase between the period from exchange of contracts and settlement.

The Black v Garnock case changes standard conveyancing practice in settlements, by making it necessary for legal practitioners acting for purchasers to lodge a caveat on title immediately following exchange of contracts and also to carry out a final search of the subject property as close to settlement (if not, on settlement) as possible. The case may even go so far as to suggest that it be 'salutary practice' to conduct settlement at the Department of Lands so that a final search can be carried out there immediately prior to settlement.

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