Conveyancing Procedure glossary
Conveyancing procedure in Australia runs on a combination of state-based Conveyancing Acts, Real Property Acts, stamp duty legislation, and the electronic lodgment network (PEXA). This glossary covers 40 terms focused on the workflow — not high-level property law concepts — from pre-contract disclosure through to post-settlement registration.
This is a procedure-focused glossary of 40 terms lawyers and conveyancers meet from contract to post-settlement. Each definition references the controlling Act, regulation, or PEXA workflow where relevant.
Definitions
Adjustment statement
The settlement statement showing rates, land tax, water, and other apportionments between vendor and purchaser as at settlement.
Apportionment
Division of rates, taxes, and outgoings between vendor and purchaser based on the settlement date.
Caveat
A notice lodged on the title register claiming an interest in the land. Blocks dealings inconsistent with the caveator's interest.
Certificate of title
The instrument evidencing title to land under the Torrens system. Electronic in most jurisdictions post-eCT abolition.
Contract for sale
The written contract governing the sale of land, incorporating the standard form and any special conditions. Must comply with state-specific disclosure rules.
Cooling-off period
A statutory period (typically 5 business days in NSW, 3 in VIC) during which a purchaser may rescind, forfeiting a small percentage of the price.
Cross-guarantee
A guarantee between related entities relevant to security and lender instructions, occasionally encountered on complex conveyances.
Deposit
The amount (usually 10%) paid on exchange. Held by the vendor's agent or solicitor under the deposit-holder obligations.
Deposit bond
A guarantee from an insurer or financier provided in lieu of a cash deposit, callable on default by the purchaser.
eCT abolition
The retirement of paper certificates of title in states such as NSW and VIC as part of electronic conveyancing reform.
Exchange
The moment when signed contracts are swapped and become binding — either in hard copy or electronically. Triggers the cooling-off clock in residential sales.
Financial settlement
The payment leg of settlement — transfer of funds between lender, outgoing lender, vendor, and duty authority, typically within PEXA.
Foreign Resident Capital Gains Withholding (FRCGW)
The statutory withholding by purchasers from non-resident vendors on contracts at or above the threshold.
General Equitable Interest caveat
A caveat protecting an equitable interest such as a purchaser's contractual interest pending settlement. Subject to strict form requirements.
GST margin scheme
An alternative GST calculation for eligible property sales, where GST is calculated on the margin rather than full consideration. Requires written agreement.
Incoming mortgagee
The purchaser's new mortgagee participating in settlement and lodging the mortgage on the title.
Land tax clearance
A certificate under state land tax legislation stating outstanding land tax as at a date — relevant to apportionment and purchaser protection.
Lender instructions
Written directions from a lender to the lawyer acting for the borrower — setting out signing, certification, and settlement requirements.
Lodgment
The electronic lodgment of dealings with the relevant land titles office after settlement, typically through PEXA.
Notice to complete
A formal notice from one party demanding completion by a specified date, making time of the essence. Precursor to termination for breach.
PEXA
Property Exchange Australia — the electronic lodgment network through which most settlements and lodgments are completed.
PEXA workspace
The electronic shared workspace in PEXA where parties populate instruments, financial line items, and settle the transaction.
Priority notice
A notice lodged to preserve priority for a forthcoming dealing over other dealings lodged in the interim.
Requisitions on title
Standard written questions the purchaser puts to the vendor to clarify title, possession, and compliance matters.
Right to Information / Section 10.7
A council-issued planning certificate (NSW s 10.7 EP&A Act) attached to a contract disclosing zoning and planning controls.
Section 27 deposit release
The Victorian mechanism allowing a vendor to obtain early release of deposit if statutory requirements are met.
Section 32 statement
The Victorian vendor statement — disclosure of title, rates, zoning, and other prescribed matters — required to be provided before signing.
Settlement
The final step where documents and funds are exchanged, the purchaser takes ownership, and dealings are lodged. Typically electronic in PEXA.
Settlement adjustments
The calculation of apportioned outgoings and credits applied at settlement to reach the final settlement figure.
Simultaneous settlement
Coordinated back-to-back settlements used where a sale and purchase depend on each other.
Special condition
An additional condition added to the standard contract to deal with matters specific to the transaction.
Stamp duty assessment
The assessment by the relevant state revenue office of transfer duty payable on the conveyance. Paid in most jurisdictions at or before settlement.
Subject to finance
A special condition allowing the purchaser to rescind if unable to obtain satisfactory finance approval by a specified date.
Time of the essence
A contractual principle that strict compliance with time limits is a condition. Usually activated by a valid notice to complete.
Title search
An examination of the title register showing current ownership, encumbrances, and notifications as at a specific date.
Trust account
A regulated account in which solicitors and conveyancers hold client funds, such as deposits and settlement monies.
Vendor disclosure
The statutory disclosure obligations imposed on vendors before exchange — typically prescribed documents attached to the contract.
Verification of Identity (VOI)
The identification process required under the Model Participation Rules and Verification of Identity Standard for persons signing in PEXA.
Waiver (66W)
A certificate under s 66W of the Conveyancing Act 1919 (NSW) waiving the cooling-off period. Must be signed by a qualified legal practitioner.
Withholding notification
The purchaser's notification to the ATO where FRCGW or GST at settlement applies — a pre-settlement compliance step.
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These definitions are general explanations for educational purposes — not legal advice. Conveyancing rules vary significantly by state and change with each legislative amendment. Always verify against current state-based legislation.
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