Conveyancing glossary
Conveyancing involves the transfer of legal title in real property. Terminology varies between states but follows common themes — contracts, searches, settlement, and registration. This glossary covers 40 commonly used terms.
This is a glossary of 40 key terms used in Australian residential and commercial conveyancing. Each entry has a plain-English definition and, where relevant, a citation to the governing Act or standard practice.
Definitions
Adjustments
The apportionment of rates, land tax, and strata levies between vendor and purchaser at settlement, based on the day of settlement.
Caveat
A notice lodged on the title register claiming an interest in land, preventing further dealings without notice to the caveator.
Certificate of Title
A document recording the ownership and encumbrances of land. In most jurisdictions, paper certificates have been replaced by electronic title registers.
Contract of sale
The binding agreement between vendor and purchaser for the sale of land, typically using a standard-form contract.
Cooling-off period
A statutory period during which a residential purchaser may rescind the contract, subject to payment of a small forfeiture. Does not apply to auctions.
Deposit
A sum (typically 10%) paid by the purchaser on exchange of contracts, held by the vendor's agent as stakeholder until settlement or forfeiture.
Disclosure statement
A document the vendor must provide to the purchaser before sale, disclosing title details, zoning, and other prescribed information.
Easement
A right benefiting one parcel of land over another — typically for access, drainage, or services.
Encumbrance
Any claim, charge, lien, or other interest affecting the title of land, such as a mortgage, covenant, or easement.
Exchange of contracts
The moment at which the vendor and purchaser become bound by the contract, typically when signed counterparts are exchanged and the deposit is paid.
First home buyer assistance
State duty concessions and exemptions available to eligible first home buyers purchasing residential property.
Foreign purchaser duty
Additional stamp duty imposed on foreign persons acquiring residential property in most Australian jurisdictions.
Going concern
A sale of a business (including a leased commercial property) that can be GST-free where both parties are registered and the enterprise continues.
GST
Goods and Services Tax — may apply to the sale of new residential premises, commercial property, or vacant land depending on the vendor's status.
Inclusions
Items of personal property (such as fixtures, fittings, or chattels) included in the sale, listed in the contract.
Land tax
A state tax on the unimproved value of land, subject to thresholds and exemptions for principal place of residence.
Lapsing notice
A notice served to force a caveator to commence proceedings to support their caveat within a specified period, failing which the caveat lapses.
Margin scheme
A GST calculation method for certain property sales that allows GST to be calculated on the margin (the difference between sale price and acquisition cost).
Mortgage
A charge over land given to secure repayment of a loan. Discharged at settlement when the loan is repaid.
Off-the-plan
A sale of a lot that does not yet exist as a registered title — typically a unit in a development to be constructed and strata subdivided.
PEXA
Property Exchange Australia — the electronic lodgement network through which most conveyancing settlements are now conducted.
Plan of subdivision
A registered plan dividing land into multiple lots, creating new titles for each.
Planning certificate
A statutory certificate (Section 10.7 in NSW) disclosing the zoning and planning controls affecting the land.
Priority notice
A short-term notice lodged to reserve priority for an imminent dealing, protecting against intervening registrations.
Purchaser
The buyer under a contract of sale of land.
Requisitions on title
Formal questions asked by the purchaser's solicitor about the title, encumbrances, and condition of the property.
Rescission
The cancellation of a contract for a fundamental breach, during the cooling-off period, or under a contractual right such as a sunset clause.
Section 32 statement
The vendor's disclosure statement required in Victoria under section 32 of the Sale of Land Act, disclosing title, zoning, outgoings, and services.
Settlement
The completion of the sale — when the balance of the purchase price is paid, title transfers to the purchaser, and the mortgage is discharged.
Settlement statement
A document prepared for settlement showing the balance due, adjustments, and payments to be made from the purchase price.
Stamp duty
A state duty imposed on the transfer of land, calculated on the greater of consideration or dutiable value.
Strata scheme
A form of property ownership in which individual lots (typically apartments) and common property are held under a registered strata plan.
Subject to finance
A special condition that makes a contract conditional on the purchaser obtaining loan approval by a nominated date.
Sunset clause
A clause in an off-the-plan contract allowing either party to rescind if registration has not occurred by a specified date.
Title search
A search of the land title register to confirm ownership and identify encumbrances affecting the property.
Torrens title
The system of land registration by which title is guaranteed by the government — indefeasible upon registration.
Transfer of land
The instrument by which legal title in land is transferred from vendor to purchaser, lodged for registration at settlement.
Vendor
The seller under a contract of sale of land.
Vendor duty disclosure
Disclosure by the vendor of duty concessions or entitlements affecting the sale, where relevant.
Zoning
The planning classification of land under a local environmental plan, which controls permissible uses and development.
Research these terms in context
Quillio helps conveyancers and property lawyers review contracts, draft special conditions, and flag title issues in Australian format. See /practice-areas/commercial-lawyers or visit /free-trial.
This glossary is a general reference for practitioners — not legal advice. Always verify against the current legislation in your jurisdiction.
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