Dictionary Conveyancing Terms

A financial institution.

The controlling body of a A development made up of sections, whereby all section owners are members of a Body Corporate. Each section owner is responsible for their own section. Afrikaans - Deursnee Titel

">sectional title scheme, responsible for the costs of upkeep and maintenance of the property.

A legally enforceable agreement, for example a lease or sale. Afrikaans - Kontrak

">Contract of A sum of borrowed money (principal) that is generally repaid with interest. Afrikaans - Lening

">loan between the customer and a bank in the form of a An agreement between the customer and a bank whereby the bank lends the customer money in return for a security (mortgage bond) being registered over the property in the bank’s favour Afrikaans - Huislening

">homeloan, whereby the property is used as the Collateral for the bank that a client pledges in case they default on their mortgage payment. Afrikaans - Sekuriteit

">security for the loan. It is a legal document that pledges a property to the lender as security for payment of a debt.

Payable by the borrower to the bond attorneys who are attending to the registration of the bond at the A government department responsible for the registration of transfer of immovable property. Afrikaans - Aktekantoor

">Deeds Office.

The time period, over which you have to repay your home loan.

The person who applies for and receives a 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 loan with the intention of repaying the full loan amount.

A A clause that renders the operation and consequences of the contract as a whole dependent on an uncertain future event. A suspensive condition suspends the operation of the contract for a period of time, subject to the occurrence of a future event, and only if and when the condition has been fulfilled will an enforceable contract exist. In the case where a resolutive condition is stipulated, the contract is immediately binding and will remain binding unless the condition is not fulfilled. Afrikaans - Toestand

">condition in a contract setting out the rights, responsibilties, procedures and remedies in the event that one of the parties Failure to meet legal obligations in a contract. Afrikaans - Standaard

">defaults on his/her/it's/their obligations on terms of the Also referred to as the Agreement of Sale or Offer to Purchase. Afrikaans - Koopkontrak

">deed of sale.