Former territory to be precise (5)

I believe the answer is:

exact

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'precise' is the definition.
(synonyms)

'former territory' is the wordplay.
'former' becomes 'ex'.
'territory' becomes 'act' (I can't explain this - if you can you should believe this answer much more).
'ex'+'act'='EXACT'

'to be' acts as a link.

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(Other definitions for exact that I've seen before include "without rounding" , "Spot on, precise" , "On the nail" , "Faithful" , "Meticulous" .)

I've seen this clue in the Sydney Morning Herald.

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