Dictionary Conveyancing Terms

Property Law and Conveyancing Glossary of Terms

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Term Definition
Bank
Body Corporate

The controlling body of a sectional title scheme, responsible for the costs of upkeep and maintenance of the property.

Bond

Contract of loan between the customer and a bank in the form of a homeloan, whereby the property is used as the security for the loan. It is a legal document that pledges a property to the lender as security for payment of a debt.

Bond Registration Fees

Payable by the borrower to the bond attorneys who are attending to the registration of the bond at the Deeds Office.

Bond Term

The time period, over which you have to repay your home loan.

Borrower

The person who applies for and receives a mortgage loan with the intention of repaying the full loan amount.

Breach Clause

A condition in a contract setting out the rights, responsibilties, procedures and remedies in the event that one of the parties defaults on his/her/it's/their obligations on terms of the deed of sale.