Dictionary Conveyancing Terms

Legislation passed by the government.

Attachment to an offer of purchase / deed of sale. 

The monthly cost that the bank charges to facilitate the adminastration of a bond account (mortgage loan).

An analysis of a buyers income, liabilities and available funds, in order to determine their ability to afford the purchase of a property.

Also referred to as the Offer to Purchase. It is a legally binding document signed by the buyer and seller, whereby the buyer agrees to buy a property from the seller, who agrees to sell the property to the buyer for a proposed purchase price and conditions on which the sale will take place.

The Alienation of Land Act 68 of 1981 governs the alienation (selling, exchanging or donating) of immovable property.

 Loan payment by equal periodic payments calculated to pay off the mortgage at the end of a fixed period.

The length of time required to repay the mortgage loan, expressed as a number of months.

An agreement entered into by parties prior to getting married, they will then be married out of community of property.

An estimate of the value of property, made by a qualified professional called an "appraiser" or "valuator".

Procedure whereby parties to a dispute appoint an arbitrator, whose decision is final and binding, to settle the dispute.

The bank’s assessed valuation of the property.

What you own. Movable and immovable property plus investments such as shares; and all other belongings.

An agreement concluded between the members of a close corporation, which states the contractual capacities and responsibilities of the members.

The specific attorneys on behalf of a specific bank who are allocated to do registrations on behalf of specific bank. As a rule only attorneys on a banks approved panel are allowed to act for tha bank in respect of the registration and cancelation of bonds.

Method of selling a property to a person who makes the highest bid. Also read our informative article on buying property on auction.