Property Law and Conveyancing Glossary of Terms
Term | Definition |
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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 |