What does the priority period of 30 days indicate in the pre-exchange stage of property conveyancing?

What does the priority period of 30 days indicate in the pre-exchange stage of property conveyancing?

• A. Buyers are bound by entries made after the date
• B. Buyers are not bound by entries made after the date at pre-exchange stage
• C. Entries automatically register on completion
• D. The period determines mortgage term length

Answer: (B)

The priority period sets a cut-off point for what can bind the buyer before contracts are exchanged. For 30 days, the buyer isn’t bound by new entries or notices that appear on the title after the start date. This gives the buyer time to review and raise any issues without being committed to late changes. It isn’t about mortgage terms or automatic registration on completion—the period is specifically about which post-date entries can affect the pre-exchange position.

The priority period sets a cut-off point for what can bind the buyer before contracts are exchanged. For 30 days, the buyer isn’t bound by new entries or notices that appear on the title after the start date. This gives the buyer time to review and raise any issues without being committed to late changes. It isn’t about mortgage terms or automatic registration on completion—the period is specifically about which post-date entries can affect the pre-exchange position.