Dictionary Conveyancing Terms

Property Law and Conveyancing Glossary of Terms

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Term Definition
Cancellation Attorney

This attorney attends to the cancellation of the seller’s bond and is appointed by the bank, which holds the current mortgage bond.  Afrikaans - Verband Kanselasie Prokureur

Cancellation Figures

Outstanding amount on the mortgage, interest and any other costs required to settle the mortgage bond. Afrikaans - Kanselasie Syfers

Capital Gains Tax

Tax All taxpayers are taxed by the government on the profit they make from the sale or disposal of an asset , such as property. Afrikaans - kapitaalwinsbelasting

Capital Redemption

Repaying the capital amount in addition to the monthly bond repayments. Afrikaans - Kapitaaldelging

Cash Flow

The amount of cash derived over a certain period of time. Afrikaans - Kontantvloei

Cession

A document signed by the borrower, ceding their life policy to the bank, as surety for a mortgage. Afrikaans - Sessie

Clearance Certificate

Issued by the relevant authority stating that the rates or levies for the property have been paid up to a future date. Afrikaans - Klaringsertifikaat

Close Corporation (CC)

A business entity registered in terms of the Close Corporations Act 69 of 1984. A maximum of ten natural people can be members of a CC. It may conclude agreements of sale or leases in it’s own name. Afrikaans - Beslote Korporasie (BK)

Code of Conduct

A set of ethical rules drawn up by the Estate Agency Affairs Board to regulate estate agents’ ethical conduct. Afrikaans - Gedragskode

Collateral

The amount of security provided to secure a mortgage bond. Afrikaans - Kollaterale

Commercial Property

Property used for business or office use. Afrikaans - Kommersiële Eiendom

Commission

See Professional Fee. Afrikaans - Eiendoms Kommisie

Common Law

The law that automatically applies if the parties have not reached an agreement on a specific legal issue in the Offer to Purchase. The South African common law is the Roman Dutch Law. Afrikaans - Algemene wet

Common Property

It is all the land in a sectional title complex, as well as those parts of the buildings which are not included in a particular section or unit. Common property can include stairwells, lifts or elevators, carports, swimming pools, gardens, etc. Afrikaans - Gemeenskaplike Eiendom

Company

A trading entity that is commonly used for commercial activity and may enter into agreements of sale or lease in its own name. Afrikaans - Maatskappy

Condition

A clause that renders the operation and consequences of the contract as a whole dependent on an uncertain future event. A suspensive condition suspends the operation of the contract for a period of time, subject to the occurrence of a future event, and only if and when the condition has been fulfilled will an enforceable contract exist. In the case where a resolutive condition is stipulated, the contract is immediately binding and will remain binding unless the condition is not fulfilled. Afrikaans - Toestand

Conditions of Title

Restrictive conditions limiting an owner's rights over their property, which are recorded on the property’s title deed. They cover matters such as building limitations, mineral right reservations and servitudes. Afrikaan - Titelvoorwaardes

Consolidation of Debt

Applies when a customer is paying off two products bought on credit and he chooses to combine both products and pay them off as one debt, possibly taking advantage of a lower rate. Afrikaans - Konsolidasie van skuld

Contract

A legally enforceable agreement, for example a lease or sale. Afrikaans - Kontrak

Conveyancer

An attorney who is appointed by the seller and is qualified to attend to the registration and transfer of immovable property from a seller to a purchaser and the registration of any bonds. Afrikaans - Aktebesorger

Conveyancing Cost

Costs payable to the conveyancer. Afrikaans - Aktebesorging Koste

Cooling-off Right

A statutory right, recorded in Section 29A of the Alienation of Land Act, giving the buyer of a residential property costing R250,000 or less, the right to withdraw from the sale within five working days of signing the offer to purchase. It does not apply if the buyer is a company, close corporation or trust. Afrikaans - Afkoel Klousule

Cost Clause

Makes provision in a mortgage loan document, securing an additional amount lent, to cover potential costs, such as transfer and bond costs. Afrikaans - koste klousule

Credit Record

The credit history and current status of a borrower's credit standing. Afrikaans - Kredietrekord

Creditor

Someone to whom you owe money. Afrikaans - Skuldeiser