Sentence:  The purpose of a <WSD>caveat</WSD> is to give a person who has an unregistered interest in a property the ability to protect that interest from the harshness of indefeasibility of title, which is enjoyed by a later interest which is registered, assuming there is no exception to indefeasibility available to the holder of the earlier unregistered interest. Section 74H of the Real Property Act provides that a <WSD>caveat</WSD> operates to prevent dealings that are subsequently lodged from obtaining registration. In the absence of a <WSD>caveat</WSD> precluding the later interest from becoming registered, the later interest would be registerd and upon registration would enjoy the benefit of immediate indefeasibility of title. 
Meaning of the word marked with <WSD> tags:  A formal notice of interest in land under a Torrens land-title system.