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Section 10.7 Planning CertificateA NSW council document that discloses planning controls affecting a property, including whether it is in a bushfire-prone area, flood zone, or heritage conservation area. Costs $53.
Section 10.7 Planning Certificate (NSW)A certificate issued by the local council in New South Wales that shows the zoning of the property and any development controls or restrictions that apply. It is a prescribed document that must be attached to the contract of sale.
Section 17 CertificateThe ACT equivalent of NSW's Section 66W certificate. A legal document signed by a solicitor after advising the buyer, which waives the buyer's 5-business-day cooling-off period on a residential property purchase in the Australian Capital Territory.
Section 17 Certificate (ACT)The ACT equivalent of NSW's Section 66W certificate. A legal document signed by a solicitor after advising the buyer, which waives the buyer's 5-business-day cooling-off period on a residential property purchase in the Australian Capital Territory.
Section 32 Vendor StatementA legal document in Victoria that the seller must provide before a contract is signed, disclosing key information about the property including title details, planning restrictions, and outgoings.
Section 32 Vendor Statement (VIC)A legal document in Victoria that the seller must provide before a contract is signed, disclosing key information about the property including title details, planning restrictions, and outgoings.
Section 66W CertificateA certificate issued by a solicitor or conveyancer in New South Wales that waives the buyer's 5-business-day cooling-off period, making the contract immediately binding. Only issued after the buyer has received legal advice.
Section 66W Certificate (NSW)A certificate issued by a solicitor or conveyancer in New South Wales that waives the buyer’s 5-business-day cooling-off period. Sometimes requested by sellers to make an offer more competitive.
Selection BiasA statistical problem that occurs when properties sold by auction are systematically different from those sold by private treaty, in ways the model cannot fully account for. If higher-quality properties preferentially go to auction, comparing their prices to private treaty sales overstates any auction premium.
Selection Bias (Sale Method)A statistical problem that occurs when properties sold by auction are systematically different from those sold by private treaty, in ways the model cannot fully account for. If higher-quality properties preferentially go to auction, comparing their prices to private treaty sales overstates any auction premium.
Self-Managed Super Fund (SMSF)A superannuation fund managed by its members (up to 6 people) rather than by a large fund manager. SMSFs can invest in property, but any advice recommending the establishment of an SMSF or the purchase of assets through one requires an Australian Financial Services Licence.
Seller Disclosure RegimeA legal requirement (introduced in Queensland from August 2025) for sellers to provide buyers with a disclosure statement and prescribed certificates about the property before the contract is signed.
Seller Disclosure Statement (QLD)A Form 2 document required under Queensland's Property Law Act 2023, which sellers must provide to buyers before the contract is signed. It discloses material information about the property. If the seller fails to provide it or it contains material inaccuracies, the buyer can terminate the contract.
Selling AgentA licensed real estate professional engaged and paid by the property seller (vendor) to market and sell the property. Also known as the listing agent or vendor's agent. Their fiduciary duty is to the seller, and their commission is typically a percentage of the final sale price, paid by the seller.
Serviceability bufferAn additional margin (currently 3 percentage points) that lenders must add to the loan interest rate when assessing whether you can afford the repayments. If your loan rate is 6.0%, the bank must check you can afford repayments at 9.0%.
SettlementThe final step in a property transaction where the buyer’s funds are transferred to the seller, the legal title is registered in the buyer’s name, and the keys are handed over. In most Australian states, this must happen electronically through a platform like PEXA.
Settlement AdjustmentsProportional calculations made at settlement to divide council rates, water charges, and body corporate levies fairly between buyer and seller based on the settlement date. The buyer reimburses the seller for any rates already paid that cover the period after settlement.
Settlement PeriodThe time between when contracts are signed (exchanged) and when ownership of the property officially transfers to the buyer. Typically ranges from 30 to 90 days in Australia and is negotiable between buyer and seller.
Shared EquityAn arrangement where the government owns a percentage of your property alongside you. You pay less upfront and borrow less, but when you sell, the government receives its share of the sale price, including any capital gain.
Shortfall Interest Charge (SIC) RateA rate set by the ATO each quarter, calculated as the 90-day bank bill rate plus 3 percentage points. The ATO uses this rate to calculate deemed earnings on FHSSS contributions, regardless of what your super fund actually earned.
Social facilitationThe tendency for people to perform differently when others are present. Arousal from being observed improves simple or well-practised tasks but impairs complex or unfamiliar ones.
SolicitorA fully qualified lawyer who can handle conveyancing as part of their legal practice. They can also advise on related matters such as tax implications, trust structures, estate planning, or disputes.
Special ConditionsAdditional clauses added to a standard property contract that address the specific circumstances of a transaction. Common examples include subject-to-finance, building and pest inspection, and sale of an existing property. Special conditions override standard conditions if they conflict.
Special levyA one-off charge raised by the owners corporation when the capital works fund does not have enough money to cover an unexpected or large expense. Must be approved by a vote at a general meeting.
Specific PerformanceA court order forcing a party to fulfil their obligations under a contract, rather than just paying damages. In property transactions, courts may order a defaulting seller to complete the sale because each property is treated as unique.
Stamp DutyA state government tax paid when you buy property. Most states now call it transfer duty, but the terms are interchangeable. You pay it once, at or shortly after settlement.
Stamp duty (transfer duty)A one-off state government tax paid when property ownership transfers to a new buyer. The amount is calculated as a percentage of the purchase price, with rates varying by state and territory.
Stamp Duty ConcessionA reduction or full exemption from transfer duty (stamp duty) offered by state and territory governments to eligible first home buyers. Thresholds and concession amounts vary by state.
Standard ConditionsThe pre-printed legal terms in a property contract that govern how the sale works, including provisions for default, interest on late payments, adjustments at settlement, and dispute resolution. These are the same for every transaction using that state's standard form contract.
Statement of InformationA document Victorian agents must provide for every residential property listed for sale. It includes the agent's estimated selling price, the median house price for the suburb, and details of three comparable properties sold in the past 6 months (or 12 months outside metropolitan Melbourne). NSW is introducing a similar requirement.
Statement of Information (VIC)A document required for every residential property sale in Victoria, prepared by the selling agent. Must include an indicative selling price and three comparable recent sales. Designed to reduce under-quoting by anchoring advertised prices to verifiable market evidence.
Statutory warrantyA legal obligation on builders to fix defects in new residential construction. Structural defects are typically covered for 6 years (up to 10 in Victoria), and non-structural defects for 2 years. These rights apply automatically under state building legislation.
Step-quotingA practice where an agent starts with a low price guide early in the marketing campaign and gradually increases it as the auction date approaches. By the time the guide reflects reality, buyers have already committed time and money to due diligence.
Strata Building Bond and Inspections Scheme (NSW)A NSW regulatory scheme requiring developers of apartment buildings of 4 or more storeys to lodge a bond equal to 2% of the construction contract price. The bond is held for 2 years and funds rectification of defects identified through mandatory independent inspections at 15-18 months and 21-24 months after the occupation certificate is issued.
Strata feesQuarterly payments made by owners of apartments, units, or townhouses in a strata scheme. They cover shared costs like building insurance, common area maintenance, and a sinking fund for future repairs.
Strata fees (body corporate fees)Quarterly charges paid by owners in a strata-titled property (apartments, units, townhouses) to cover shared costs like building insurance, common area maintenance, and a sinking fund for major repairs.
Strata levyA regular fee paid by owners in a strata scheme to fund the maintenance, insurance, and management of common property. Typically paid quarterly and set at the Annual General Meeting.
Strata reportA document obtained before purchasing a strata property that details the scheme’s financial health, fund balances, insurance, bylaws, meeting minutes, and any disputes or planned works.
Strata Special LevyA one-off charge raised by an owners corporation when the regular strata fund does not have enough money to cover an unexpected or major expense. It requires approval at a general meeting and is payable on top of normal quarterly levies.
Stress TestCalculating whether you can afford mortgage repayments if interest rates rise. ASIC recommends testing at 2 percentage points above your current rate. Lenders apply their own serviceability buffers, typically 3 percentage points above the loan rate.
StriatumA region of the brain involved in processing rewards and losses. Brain imaging studies show it responds more strongly to losing an auction than losing a lottery, contributing to overbidding behaviour.
Subject to SaleA contract condition that makes the purchase dependent on the buyer successfully selling their current property. This adds significant uncertainty for the vendor because the deal relies on a separate transaction they cannot control.
Subject-To ConditionA clause in a property contract that makes the sale conditional on a specific event occurring (such as loan approval or a satisfactory building inspection). If the condition is not met within the agreed timeframe, the buyer can terminate the contract and recover their deposit.
Subject-to-Inspection ConditionA clause in a property contract that makes the sale conditional on the buyer obtaining a building and pest inspection report that is satisfactory to them. If the buyer is not satisfied, they can terminate the contract and recover their deposit, provided they act within the deadline and meet any reasonableness requirements.
Substantially RenovatedA home where most of the original dwelling has been removed or replaced. Minor renovations like a new kitchen or bathroom do not qualify. The home must not have been occupied since the renovation was completed, and it must be the first sale after the work was done.
Subterranean TermitesThe most common and destructive termite species in Australia. They live in underground colonies and build sealed mud tubes to travel from soil to timber in a building. They consume timber from the inside, often leaving only a thin outer shell, making early detection difficult without specialist tools.
Sunk CostMoney, time, or effort you have already spent and cannot recover, regardless of what you decide to do next. In property buying, this includes inspection fees, legal review costs, and strata reports paid for before making an offer.
Sunk cost fallacyThe tendency to continue investing in something because of what you have already spent, rather than based on future value. Time, money, and effort spent on inspections and due diligence before an auction are sunk costs that should not influence your bidding limit.
Sunset ClauseA clause in an off-the-plan contract that sets a final date by which construction must be completed and the plan of subdivision registered. If the deadline passes, either party may be able to end the contract and the buyer's deposit is returned.
Sunset Clause (Subject to Sale)A provision in a property contract that lets the seller continue marketing the property while the buyer's contract is conditional on selling their own home. If the seller receives another acceptable offer, the buyer is given a short window (usually 48 to 72 hours) to remove the condition and commit unconditionally, or the seller can terminate the contract.

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