In a complex commercial property transaction using PEXA, the buyer's solicitor discovers a priority caveat lodged against the title 30 minutes before the scheduled settlement time. The caveat was not disclosed in pre-settlement searches conducted one week earlier. What is the most appropriate immediate action?
Correct Answer
B) Stop the settlement and investigate the caveat before going any further
A priority caveat discovered immediately before settlement represents a significant title issue that could affect the buyer's ability to obtain clear title. The prudent course is to abort the PEXA settlement to investigate the caveat's validity and implications, as proceeding could expose the buyer to substantial legal and financial risks that cannot be adequately assessed in such a short timeframe.
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In a complex commercial property transaction using PEXA, the buyer's bank experiences a technical failure 30 minutes before the scheduled electronic settlement time. What is the most appropriate immediate action?
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