Property Law and Conveyancing Glossary of Terms
Term | Definition |
---|---|
Mandate | An instruction, authority or agreement given to a realtor by a seller, to market their property. Afrikaans - Mandaat |
Mark Value | The price that a willing and financially able buyer would pay, to a willing seller, for a property in a particular area at a given time. Afrikaans - Markwaarde |
Married in Community of Property | Parties have a joint estate and any immovable property will be registered in both spouses’ names. Afrikaans - Getroud Binne Gemeenskap Van Goedere |
Maturity | The date on which the principal balance of a loan becomes due and payable. |
Memorandum | This document forms part of the constitution of a company and contains valuable information about the company. |
Minor | A person who is unmarried and under the age of 21. Afrikaans - Minderjarige |
Mortgage | An agreement 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. Afrikaans - Verband |
Mortgage Originator | An individual or company that assist buyers in applying for a mortgage, homeloan or building loan, with the different banks. Afrikaans - Verband Skepper |
Mortgagee | The lender usually a bank, that advances or lends money on the security of a property purchased. |
Mortgagor | The borrower, who borrows from a lender by mortgaging his property to the lender as security. Afrikaans - Verbandgewer |