Private treaty

Private treaty is the most common method of selling property in Australia, where a buyer and seller negotiate directly through an agent to agree on a price and terms — without the pressure of a public auction.

Reserve price

The reserve price is the minimum amount a vendor will accept for their property at auction. It is set by the vendor before the auction begins and is not disclosed to bidders. Bidding must reach the reserve before the property can be sold.

Unconditional approval

Unconditional approval — also called formal approval — is a lender's confirmed commitment to fund your home loan for a specific property and purchase price. It follows a full credit and property assessment and carries no outstanding conditions.

Settlement period

The settlement period is the time between exchange of contracts and the day you legally take ownership of the property. It is the window in which both parties complete their obligations before the title transfers to the buyer.

Strata report

A strata report is a document that outlines the financial health, by-laws, meeting minutes, and maintenance history of a strata scheme — essential reading before buying any unit, townhouse, or villa within a strata plan.

66W certificate

A 66W certificate is a legal document signed by a buyer's solicitor or conveyancer that formally waives the buyer's cooling-off period in a NSW residential property purchase, making the contract binding from the moment contracts are exchanged.

Auction

An auction is a public sale method where a property is offered to the highest bidder, with the sale completing unconditionally if the reserve price is reached. In NSW, auction contracts are binding and carry no cooling-off period.

Guide price

A guide price is the price range or figure that a selling agent advertises to indicate where a property is expected to sell. It is the agent's estimate, not a fixed price, and the final sale price may differ substantially.

Pre-approval

Pre-approval is a conditional indication from a lender that they are likely to approve a home loan up to a specified amount, based on an initial assessment of your financial position. It is not a guarantee of finance.

Contract exchange

Contract exchange is the moment both the buyer and the seller sign identical copies of the sale contract and those copies are swapped, making the agreement legally binding on both parties.

Building and pest inspection

A building and pest inspection is an independent assessment of a property's physical condition, carried out by a licensed inspector before purchase to identify structural defects, safety issues, and evidence of pest activity such as termites.

Cooling-off period

The cooling-off period is a five-business-day window after exchange of contracts during which a residential property buyer in NSW can withdraw from the purchase, subject to a small financial penalty.