NSW Caveat on Property I Need to Sell?

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Tania.P

Member
30 October 2018
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I need to sell my parents' home to fund aged care accommodation with RAD Bond of $495,000 each parent. Both parents are ready to move into the facility. Dad (92) has dementia and mum(86) is very frail. I hold Power of Attorney for both who are self funded.

My brother is living in their house with his wife and 19-year-old son and has been for 10 years with all utilities covered. He has a job earning $55,000, she does casually work and the son studies. My brother has placed a caveat on the property claiming my dad told him, he could live there, and I found this out when the solicitor rang me this afternoon. I am seeing the solicitor tomorrow. There is no agreement or documentation that I am aware of - just a verbal agreement. The will divides assets evenly with 3 siblings.

My parents aren't dead, I need the money for their nursing home. It really feels like he is stretching this out hoping they pass whilst he is still there. What happens then?

The sale proceeds will not even cover the costs of the nursing home.

The other property they own is their only source of income which is still needed to pay ongoing costs.

What rights does he have? How long to have a caveat lifted?

Any help is appreciated.
 

Rod

Lawyer
LawTap Verified
27 May 2014
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2,894
Your solicitor is the one that should answer this question.

Generally, with nothing on paper he is going to be hard pressed to keep the caveat.