In Victoria, a commercial property transaction involves a caveat lodged by a third party claiming an equitable interest. What is the most appropriate immediate action for the purchaser's solicitor?
Correct Answer
B) Investigate the basis of the caveat and seek its removal if the claim is unfounded.
A caveat prevents registration of dealings and must be addressed before settlement can proceed. The solicitor should investigate the legitimacy of the claimed interest and take steps to have it removed if it's without proper basis, potentially through lapsing notice procedures under the Transfer of Land Act.
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