Property Terms & Useful Links

Key property and conveyancing terms explained.

Essential Terms

Property transactions involve terminology that may be unfamiliar to buyers and sellers. Understanding commonly used conveyancing and property terms can help you navigate the process with greater confidence.

This page provides general explanations of key terms and links to trusted external resources relevant to property transactions in New South Wales.

Key Property & Conveyancing Terms

Contract for Sale
The legal document setting out the terms and conditions of a property transaction, including price, settlement date and special conditions.

Exchange of Contracts
The point at which signed contracts are swapped between buyer and seller, usually making the transaction legally binding.

Cooling-Off Period
A limited period after exchange during which a buyer may withdraw from the contract, subject to certain conditions. Not applicable in all circumstances.

Deposit
An amount paid by the buyer on exchange of contracts, typically held in trust until settlement.

Settlement
The final stage of the transaction where funds are exchanged, ownership is transferred and the buyer becomes the registered owner.

Trust Account
A regulated account used to hold client funds, such as deposits, separately from business operating funds.

Adjustments
Calculations made at settlement to account for rates, taxes and other outgoings paid in advance or arrears.

Strata Scheme
A form of property ownership where individual lots are owned separately, and common property is shared among owners.

Easement
A legal right allowing someone to use part of another person’s land for a specific purpose, such as access or drainage.

Sunset Clause
A clause in some contracts allowing termination if settlement does not occur by a specified date, commonly found in off-the-plan contracts.

Useful Links for Property Transactions

The following organisations provide authoritative information relevant to property transactions in NSW:

NSW Land Registry Services – Titles, plans and property ownership
https://www.nswlrs.com.au

NSW Fair Trading – Conveyancing and consumer property information
https://www.fairtrading.nsw.gov.au

Revenue NSW – Transfer duty and property taxes
https://www.revenue.nsw.gov.au

PEXA – Electronic property settlements
https://www.pexa.com.au

Australian Institute of Conveyancers (NSW) – Industry information
https://www.aicnsw.com.au

NSW Planning Portal – Zoning and planning information
https://www.planningportal.nsw.gov.au

Using This Information

The terms and links provided above are intended to assist with general understanding only. Property transactions vary, and terminology may apply differently depending on individual circumstances.