Conveyancing Glossary

Our conveyancing glossary is an essential resource for you to understand the key terms and concepts in the property transfer process. Whether you’re a first-time homebuyer, a seasoned investor, or a professional in the field, our comprehensive glossary will help demystify the legal jargon and complexities of conveyancing.

From “contract” to “zoning,” we provide clear, concise definitions to guide you through every step of your property transaction journey with confidence and clarity.

 

Contract:

A legally enforceable agreement, signed by both parties.

Cooling-off period:

A 3-business day period after signing the contract where the purchaser can rescind the contract without penalty (except forfeiting a small percentage of the deposit).

Council Rates:

Fees imposed annually on a property by the local government authority, most of these are proportional to capital improved value of the property.

Deposit:

That part of the purchase price that the purchaser pays before settlement, this would be forfeited to the vendor if the purchaser failed to complete the contract.

Discharge of mortgage:

A title dealing that removes a mortgage from a title.

Easement:

The right of someone else (the dominant party) to use part of your land.

Encumbrance:

An interest in someone’s land, or a restriction on how that land may be used.

Exchange:

When a contract has been signed by both parties, but they have signed separate copies.  The signed copies are then exchanged between the parties.

GST (Goods and Services Tax):

A federal government tax imposed on some land transfers.

Land Titles Office:

The government department that maintains the titles register.

Legal fees:

Professional fees charged by legal practitioners or conveyancers.

Pre-contractual disclosure:

Things that a vendor must disclose to prospective purchasers in accordance with the Sale of Land Act 1962.

Settlement:

When the parties fulfil their various obligations under the contract.

Settlement statement:

A worksheet that shows the agreed amount that the purchaser will pay the vendor at settlement.

Stamp duty:

A state government tax imposed on land transfers.

Title search:

A snapshot of what’s shown on a title.

Transfer:

Change of ownership of land.

Valuation:

An assessment of the market value of a parcel of land, done by a licensed real estate agent or a qualified valuer.

Vendor:

The seller of a parcel of land.

Zoning:

A declaration by the local council as to how a parcel of land may be used.