Dictionary Conveyancing Terms
Property Law and Conveyancing Glossary of Terms
| Term | Definition |
|---|---|
| Mandate | An instruction, authority or agreement given to a A person licensed to negotiate and transact the sale of real estate on behalf of the property owner. Afrikaans - Makelaar ">realtor by a seller, to market their property. Afrikaans - Mandaat |
| Mark Value | The price that a willing and financially able buyer would pay, to a willing seller, for a property in a particular area at a given time. Afrikaans - Markwaarde |
| Married in Community of Property | Parties have a joint estate and any Land and everything that is permanently attached to it. Afrikaans - Onroerende Eiendom ">immovable property will be registered in both spouses’ names. Afrikaans - Getroud Binne Gemeenskap Van Goedere |
| Maturity | The date on which the principal balance of a A sum of borrowed money (principal) that is generally repaid with interest. Afrikaans - Lening ">loan becomes due and payable. |
| Memorandum | This document forms part of the constitution of a A trading entity that is commonly used for commercial activity and may enter into agreements of sale or lease in its own name. Afrikaans - Maatskappy ">company and contains valuable information about the company. |
| Minor | A person who is unmarried and under the age of 21. Afrikaans - Minderjarige |
| Mortgage | An agreement 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. Afrikaans - Verband |
| Mortgage Originator | An individual or company that assist buyers in applying for 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, homeloan or building loan, with the different banks. Afrikaans - Verband Skepper |
| Mortgagee | The lender usually a bank, that advances or lends money on the security of a property purchased. |
| Mortgagor | The borrower, who borrows from a lender by mortgaging his property to the lender as security. Afrikaans - Verbandgewer |
