Dictionary Conveyancing Terms

Property Law and Conveyancing Glossary of Terms

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Term Definition
Landlord

The person who lets out a property to someone else. Afrikaans - Verhuurder

latent defect

A latent defect, on the other hand, is one that cannot be seen or ascertained during the course of a normal property inspection.

Lease Agreement

A contract whereby the landlord allows the tenant temporary use of a dwelling, in return for payment, known as rent. Afrikaans - Huurkontrak

Legal Entity

A company, close corporation or trust. Afrikaans - Regspersoon

Lessee

A person who occupies a property (also known as a tenant), but does not own it and pays rent in return. Afrikaans - Huurder

Lessor

The person who rents out a property to someone else. Afrikaans - Verhuurder

Levy

Levy is the owner of a sectional title unit’s proportionate share of the costs incurred by the complex for the month. Afrikaans - Heffing

Levy Clearance Certificate

Issued by the body corporate of a sectional title scheme stating that the levy has been paid to a future date in respect of the property. Afrikaans - Heffing Klaring Sertifikaat

Liabilities

A person's long-term and short-term financial obligations. Afrikaans - Aanspreeklikheid

Lien

Where a person has improved someone else’s property or has incurred certain expenses in respect thereof, he may retain possession of such property until the debt due to him has been discharged, it is the right to retain possession.

Limited Real Right

A registered right over someone else’s property, such as servitudes and mortgage bonds. Afrikaans - Beprekte Saaklike Reg

Loan

A sum of borrowed money (principal) that is generally repaid with interest. Afrikaans - Lening

Lodgement

The act of handing in the necessary documents at the Deeds Office for examination and registration of transfer. Afrikaans - Indiening