# Titlespace — Conveyancing Glossary

_The FAQ and process content on this page is general information about conveyancing in Australia, not legal advice. Obtain advice specific to your circumstances before acting on it._

**Release:** rel_1785428551061  
**Generated:** 2026-07-30T16:22:31.075Z

## Auction purchase

Buying at public auction in NSW requires pre-registration with proof of identity to bid. The successful bidder signs and exchanges contracts immediately at the fall of the hammer and pays the deposit on the spot. There is NO cooling-off period for auction purchases (nor for contracts exchanged on the same day as the auction after it is passed in), so building/pest/strata inspections and finance must be arranged beforehand.

*Jurisdiction: NSW*  
*Primary source: https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw/buying-property-at-an-auction*

## Contract for sale of land

The legal document that effects the sale of land in NSW, setting out the parties, price, property, inclusions, settlement period and special conditions, with the vendor's prescribed disclosure documents attached. Must exist before a residential property is offered for sale; becomes binding on exchange.

*Jurisdiction: NSW*  
*Primary source: https://www.fairtrading.nsw.gov.au/housing-and-property/property-professionals/working-as-a-property-agent/sales-contracts*

## Cooling-off period

A 5-business-day period after exchange of contracts on a residential property purchased by private treaty in NSW, during which the buyer may withdraw from the contract. Withdrawing costs the buyer 0.25% of the purchase price. The period can be waived (see s 66W certificate), shortened, or extended by agreement. There is no cooling-off period when buying at auction. (Conveyancing Act 1919 (NSW) s 66S.)

*Jurisdiction: NSW*  
*Primary source: https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw/contracts-and-deposits*

## Deposit

The part of the purchase price — customarily 10%, often negotiable — paid by the buyer at exchange of contracts as security for completing the purchase. Usually held in trust by the agent or vendor's representative until settlement. If the buyer withdraws during a cooling-off period they forfeit 0.25% of the price; failing to complete after an unconditional exchange can forfeit the full deposit.

*Jurisdiction: NSW*  
*Primary source: https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw/contracts-and-deposits*

## Easement

A registered right for someone other than the owner to access or use part of the land for a specific purpose (e.g. right of carriageway, drainage, services) while ownership stays with the landowner. Easements run with the title, bind future owners, and can materially affect what can be built on or done with the property — a standard item to review in the title search before exchange.

*Jurisdiction: NSW*  
*Primary source: https://www.crownland.nsw.gov.au/find-services/consents-restrictions-and-easements/easements*

## Exchange of contracts

The point at which the buyer and vendor each sign identical copies of the contract for sale and swap ("exchange") them, legally committing both parties to the transaction. Before exchange, either party can generally walk away; after exchange the contract binds (subject to any cooling-off period). The deposit is usually paid at exchange.

*Jurisdiction: NSW*  
*Primary source: https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw/contracts-and-deposits*

## Gazumping

When a vendor or their agent accepts a buyer's offer but then sells the property to someone else — usually for a higher price — before contracts are exchanged. Legal in NSW because an accepted offer is not binding until exchange; the usual protection is exchanging contracts as quickly as possible.

*Jurisdiction: NSW*  
*Primary source: https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw/making-an-offer-on-a-property*

## Off-the-plan purchase

Buying a property before it has been built or completed, based on plans. NSW off-the-plan contracts for residential lots carry specific protections, including a longer 10-business-day cooling-off period, disclosure statement requirements, and rules around sunset-date rescission. Key risks: completion delays, finance validity at (potentially distant) settlement, and end value differing from expectations.

*Jurisdiction: NSW*  
*Primary source: https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw/buying-property-off-plan*

## PEXA / e-conveyancing

Electronic conveyancing (eConveyancing) is the digital lodgement and settlement of property transactions through an Electronic Lodgment Network such as PEXA (Property Exchange Australia). Since 11 October 2021 all NSW land transactions that require lodgment with NSW Land Registry Services must be done electronically; funds and title registration move in a single digital settlement workspace.

*Jurisdiction: NSW*  
*Primary source: https://www.registrargeneral.nsw.gov.au/property-and-conveyancing/eConveyancing*

## Requisitions on title

Formal questions the buyer's conveyancer or solicitor puts to the vendor after exchange about the property's title and matters affecting it (e.g. disputes, notices, works). The vendor must respond; answers can reveal issues before settlement. Records of requisitions and responses form part of the conveyancing file a licensed conveyancer must keep.

*Jurisdiction: NSW*  
*Primary source: https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/buying-a-property/conveyancing*

## Section 66W certificate

A certificate signed by the buyer's solicitor or licensed conveyancer under s 66W of the Conveyancing Act 1919 (NSW) that waives the buyer's cooling-off period, making the contract binding immediately on exchange. Commonly required by vendors before exchange in competitive purchases and standard practice for auction-style negotiations.

*Jurisdiction: NSW*  
*Primary source: https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw/contracts-and-deposits*

## Settlement

The final step of a conveyancing transaction, when the buyer pays the balance of the purchase price and becomes the legal owner of the property. In NSW settlement typically occurs about 6 weeks after exchange of contracts, though the parties may negotiate a different period. Settlement in NSW is completed electronically (see PEXA / e-conveyancing).

*Jurisdiction: NSW*  
*Primary source: https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw/contracts-and-deposits*

## Strata title

Form of ownership for lots in a multi-unit scheme (apartments, townhouses) where you own your lot and share ownership of common property (foyers, driveways, gardens) with other owners through an owners corporation. Owners pay levies for building management, maintenance and insurance and are bound by the scheme's by-laws. Buyers should obtain a strata report before committing.

*Jurisdiction: NSW*  
*Primary source: https://www.nsw.gov.au/housing-and-construction/strata*

## Torrens title

The land title system used in NSW (and across Australia) under which ownership is established by registration on the state's Torrens Title Register rather than by chains of deeds — "title by registration". Under the Torrens system in NSW, registered title is guaranteed by the State Government; the Register defines ownership and boundaries and records dealings as they are registered.

*Jurisdiction: NSW*  
*Primary source: https://www.registrargeneral.nsw.gov.au/title-guarantee*

## Transfer duty (stamp duty)

A state tax payable when you buy or acquire property in NSW, calculated on the dutiable value (usually the purchase price). Formerly and still commonly called stamp duty. Payable to Revenue NSW by the earlier of the settlement date or 3 months after signing the contract for sale; concessions and exemptions exist (e.g. first-home buyers). (Duties Act 1997 (NSW).)

*Jurisdiction: NSW*  
*Primary source: https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/transfer-duty*

## Vendor disclosure (prescribed documents)

In NSW a vendor cannot market a residential property for sale until a contract for sale has been prepared containing the prescribed documents — including the title search, deposited plan, and drainage diagram — plus required statutory warnings. Defective disclosure can give the buyer rights to rescind. (Conveyancing Act 1919 (NSW) s 52A and Conveyancing (Sale of Land) Regulation.)

*Jurisdiction: NSW*  
*Primary source: https://www.fairtrading.nsw.gov.au/housing-and-property/property-professionals/working-as-a-property-agent/sales-contracts*