Property Law and Conveyancing Glossary of Terms
Legislation passed by the government.
An analysis of a buyers income, liabilities and available funds, in order to determine their ability to afford the purchase of a property.
|Agreement of Sale|
Loan payment by equal periodic payments calculated to pay off the mortgage at the end of a fixed period.
The length of time required to repay the mortgage loan, expressed as a number of months.
An agreement entered into by parties prior to getting married, they will then be married out of community of property.
An estimate of the value of property, made by a qualified professional called an "appraiser" or "valuator".
Procedure whereby parties to a dispute appoint an arbitrator, whose decision is final and binding, to settle the dispute.
The bank’s assessed valuation of the property.
What you own. Movable and immovable property plus investments such as shares; and all other belongings.
An agreement concluded between the members of a close corporation, which states the contractual capacities and responsibilities of the members.
The specific attorneys on behalf of a specific bank who are allocated to do registrations on behalf of specific bank. As a rule only attorneys on a banks approved panel are allowed to act for tha bank in respect of the registration and cancelation of bonds.
Method of selling a property to a person who makes the highest bid. Also read our informative article on buying property on auction.