Sale and Purchase Agreement
This is the contract between the property seller and the property buyer. Also called the “contract”. All agreements for the sale of land must be in writing in order to be enforceable.

Settlement
This is the final stage of the property becoming yours. It’s the bit where the money is paid, your name and the mortgage go on the title for the property and the Certificate of Title and the keys are handed over. The day this all happens is called settlement day (See Possession Date).

Stamp Duty
Government Tax on property purchases, and usually applies to purchases over a certain minimum value.

Step-up Lease
A type of lease where the rental increases at predetermined periods, usually annually. The rental levels maybe predetermined or fixed according to a particular index or percentage increase.

Strata Title
This is when you own part of a building, or airspace, instead of the land it is built on. This can relate to units, apartments and town houses. There is no lease, but each owner will belong to a Body Corporate that has responsibility for areas like stairways and lifts that are in common usage by the owners (like a Unit Title).

Sub-Lease
A separate lease granted by a lessee of the whole or part of a leasehold interest to a sub-lessee. The length of the sub-lease must be less than the unexpired term of the lessee’s own lease of the property.