Dictionary Conveyancing Terms

Property Law and Conveyancing Glossary of Terms

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Term Definition
Participation Quota

Participation Quota Used to calculate the individual owner’s monthly levy in a sectional title, it is determined by dividing the size of each section into the total floor area of all the sections. Afrikaans - Deelnemings Quota

Partnership

A contact between a minimum of two and a maximum of twenty persons, to carry on business in common. There are no formalities required to start a partnership and it is not a separate legal entity. Partners are personally liable for partnership debts. Afrikaans - Vennootskap

patent defect

A patent defect is a defect which is clearly visible on a normal property inspection and it is a purchaser’s duty to satisfy himself with regard to a property’s general condition prior to concluding a sale agreement.

Possession

It passes to the buyer on registration of transfer, with all obligations and rights to the property passed to the new owner. Afrikaans - Besitting

Power Of Attorney

A legal document authorizing one person to act on behalf of another. Afrikaans - Volmag

Pre-approval Certificate

Issued to you by a financial institution, it states the amount of the homeloan a person qualifies for.

Professional Fee

Remuneration paid to a realtor by their client. Afrikaans - Professionele Koste

Progress Payment

Payments made to the building contractor, by the bank, from the customer’s building loan account, as building work progresses. The assessor does an inspection and releases the retention accordingly. Afrikaans - Vordering Betaling