Originally Posted by Real Estate Pundit
When you buy a property in the secondary market, you 1st give either a 1% or 5% payment to get the 'Option to purchase'. You will then have 2 weeks to exercise this 'Option to purchase'. So depending on how fast you are at finding a lawyer and to give the documents to your lawyer, the appearance of your cavaet to purchase the property will also be timed in similar fashion, meaning the caveat may appear on day 2 or even day 14 of the option date.
Most transactions will take the normal course of 2 months to complete, although a seperate arrangement for quicker or longer completion may be negotiated. Prior to completion, most lawyers will do a search on the Seller. Subsequently, the caveat showing the Seller's original purchase will appear.
In summary, every purchase will very likely have 2 caveats. 1st, to show the BUYER's purchase price and 2nd, to show the SELLER's original purchase price, and this may appear upto 2.5 months later.