Words
Glossary for an ACT purchase
Short meanings for the field guide. They are not definitions from a statute book. When a word is defined in an Act, the Act’s wording is the one your lawyer will use.
Block, section, division
The Territory’s way of identifying land, alongside the street address. Your contract should carry both. If they disagree, stop and ask.
Completion
The day the contract says the balance is paid and the transfer is finished. Households still say settlement. Use the date in the exchanged contract, including any variation.
Cooling-off period
A statutory window, for many private treaties of residential property, in which a buyer may rescind. The Civil Law (Sale of Residential Property) Act 2003 sets the timing, the exceptions (including auction), and the forfeiture described in the Act. Confirm the current text before you rely on a summary.
Crown lease
The lease from the Territory that sets purpose, term and rent wording. Buying in Canberra is usually a transfer of that leasehold interest.
Energy Efficiency Rating statement
A modelled rating included with an ACT residential contract. It is not a quote for your power bill and not an inspection.
Ground rent
Rent reserved by a Crown lease, if the lease reserves it. Read the clause and the Lease Conveyancing Inquiry. Do not copy a neighbour’s figure. The Land Rent Scheme is a separate government arrangement.
Inclusions
The schedule of chattels and fittings the contract says stay. Compare it with the rooms. The brochure is not the schedule.
Lease Conveyancing Inquiry
The Access Canberra search material in the bundle covering lease-side matters such as breaches, development applications, heritage, and outstanding rent if recorded. Read the date.
Offset and redraw
Two different descriptions lenders use. Offset usually refers to a linked deposit balance. Redraw usually refers to extra repayments that might be drawn back. Read the lender’s own page. This glossary does not set a rate.
Owners corporation
The body that manages common property in a units plan under the Unit Titles (Management) Act 2011. Contributions are its invoices, not a lender’s package fee.
Section 17 certificate
A lawyer’s certificate used to waive cooling-off, or to support a shortening of the period, under the 2003 sale Act. It must be signed by a lawyer who does not act for the seller. This site cannot issue one.
Unit title sale certificate
A certificate under section 119 of the Unit Titles (Management) Act 2011, for disclosure to a buyer: insurance, contributions, committee and manager details, and other determined information. Check its date against the sale rules.