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A caveat is there to protect a persons interest in a property whether that is equitable (with them having paid money to purchase) or otherwise. If the registered owner of the land wants it removed then the person that puts in on the title has to fight in court to have the caveat stay and back up their right.
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Was the gift conditional on him having a lifer interest to live in the house?
If that is the case then he has an interest.
You can rely it to lodge the caveat but you have to have the information to back it up. If you can get something from the Broker, a Stat dec and also from the conveyancer that they recollect this it is of assistance.