Property Law and Conveyancing Glossary of Terms
Term | Definition |
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Tax Certificate | A breakdown of how much interest and insurance was paid, as well as total repayments to the home loan account over a certain period. Afrikaans - Belastingsertifikaat |
Tenant | A person who occupies a property, but does not own it and pays rent in return. Afrikaans - Huurder |
Timeshare | A property development where occupancy time is sold. |
Title Deed | A document that gives evidence of an individual's ownership of property. It includes the following information about the property: names of the current and previous owners; a full description including it’s square meterage; the purchase price paid by the existing owner; all conditions restricting the use; and all limited real rights registered. Afrikaans - Titelakte |
Townhouse | A general term for either a simplex or a duplex. Afrikaans - Meenthuis |
Transfer Cost | Costs payable for the registration of a property and include transfer duty, conveyancing fees, and registration fees. Afrikaans - Oordrag Koste |
Transfer Duty | A tax levied by the government on the transfer of land. If the purchase price includes VAT no transfer duty is payable. Afrikaans - Hereregte |
Transferring Attorney |
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Transferring Attorney | Appointed by the seller to attend to the transfer of the property into the name of the buyer. Afrikaans - Oordragprokureur |
Trust | A contract between the founder and the trustee in terms of which the trustee is to administer the trust fund for the benefit of the beneficiaries. |
Trust Account | The separate interest bearing accounts used when attorneys and/or realty companies hold money for people, until these monies and interest have to be paid out to whom they are owed. |
Trustee | A person appointed to manage the affairs and assets of a trust. In terms of sectional title, the trustees attend to the day-to-day running of the scheme, which includes the collection of levies and the employment and management of staff. |