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Property Terms Explained
Clear guidance. No jargon. Just the information you need to move forward with confidence.
66W Certificate
A 66W Certificate means you choose to buy without a cooling-off period. This makes the contract fully binding as soon as contracts are exchanged. We explain exactly what this means, when it’s commonly used, and help you decide if it’s the right move for you.
Caveat
A caveat is a note placed on a property title to show that someone else has a legal interest in the property. It alerts others that the property can’t be dealt with freely until that interest is resolved.
Conveyancing
Conveyancing is the process of legally transferring a property from one owner to another. We handle the paperwork, checks, deadlines and settlement, and guide you step-by-step so everything runs smoothly and with as little stress as possible.
Cooling Off Period
The cooling-off period is a short time after contracts are exchanged that lets a buyer change their mind and withdraw. It gives you time to finalise finance, review reports, and feel confident about your decision.
Deposit Bond
A deposit bond lets you secure a property without paying a cash deposit upfront. It acts as a guarantee to the seller and is often used when your funds are tied up in another property or coming from equity.
Disbursements
Disbursements are out-of-pocket costs paid to other parties during your matter, such as searches, certificates and registration fees. We organise these for you and explain every cost along the way.
Exchange of Contracts
Exchange is when the buyer and seller swap signed contracts. From this point, the deal is legally binding (subject to any cooling-off period or conditions), and both sides are committed to going ahead.
Land Registry Services
Land Registry Services is the NSW government body that keeps official records of property ownership. It records who owns a property and any mortgages or other interests attached to it.
Mortgagee
The mortgagee is the lender, usually a bank, that provides the loan and registers an interest over the property as security.
Mortgagor
The mortgagor is the borrower — the person or people taking out the loan and giving the property as security to the lender.
Purchaser
The purchaser is the buyer — the person or people buying the property and becoming the new owner at settlement.
Registration
Registration is when ownership and mortgage details are officially recorded with Land Registry Services. This confirms your ownership and protects your legal rights to the property.
Settlement
Settlement is the final step. The money is paid, documents are completed, and ownership officially changes hands. It’s when you get the keys and your new chapter begins.
Torrens Title
Torrens Title is the most common type of property ownership in NSW. Ownership details are kept on a central register, making it clear, secure and reliable. Whoever is registered as owner is legally recognised as the true owner.