Dictionary Conveyancing Terms

A certificate, which is issued by a qualified electrician stating that the electricity installation for a property, from its supply point, is safe according to the Occupational Health and Safety Act. The cost of this and any electrical repairs that need to be made are for the seller’s account. It is legally required in order for the property to be transferred into the purchaser’s name. Afrikaans - Elektriese Compliance Sertifikaat

A note made on the 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

">title deed of a property by the Registrar of Deeds. Afrikaans - Endossement

Legally required in some coastal provinces before transfer of a property can take place, confirming that its structure is free of wood borer or termite infestation. Afrikaans - Entomoloog Sertifikaat

The value of a property an owner has over and above the 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 against the property.

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

">contract, when a buyer is given time to sell his property first, giving the seller the right to cancel the agreement if he gets a higher offer from another buyer.

When a person dies, all their assets and A person's long-term and short-term financial obligations. Afrikaans - Aanspreeklikheid

">liabilities will be placed in their deceased estate, which is wound up by an executor. Afrikaans - Boedel

A A person licensed to negotiate and transact the sale of real estate on behalf of the property owner. Afrikaans - Makelaar

">realtor gives an informed opinion on the market value of a property, commonly known as a comparative market analysis (CMA). Afrikaans - Evaluering

The owner 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 unit can never become the owner of any portion of It is all the land in a sectional title complex, as well as those parts of the buildings which are not included in a particular section or unit. Common property can include stairwells, lifts or elevators, carports, swimming pools, gardens, etc. Afrikaans - Gemeenskaplike Eiendom

">common property, but they can acquire the right of the exclusive use of a certain portion, such as gardens and parking bays. Afrikaans - Eksklusiewe Gebruiks Area

Procedure where a property is taken over, usually by local authorities, for specific purposes in the public interest. Afrikaans - Onteiening