Dictionary Conveyancing Terms
Property Law and Conveyancing Glossary of Terms
| Term | Definition |
|---|---|
| Participation Quota | Participation Quota Used to calculate the individual owner’s monthly levy in a sectional title, it is determined by dividing the size of each section into the total floor area of all the sections. Afrikaans - Deelnemings Quota |
| Partnership | A contact between a minimum of two and a maximum of twenty persons, to carry on business in common. There are no formalities required to start a partnership and it is not a separate legal entity. Partners are personally liable for partnership debts. Afrikaans - Vennootskap |
| patent defect | A patent defect is a defect which is clearly visible on a normal property inspection and it is a purchaser’s duty to satisfy himself with regard to a property’s general condition prior to concluding a sale agreement. |
| Possession | It passes to the buyer on registration of transfer, with all obligations and rights to the property passed to the new owner. Afrikaans - Besitting |
| Power Of Attorney | A legal document authorizing one person to act on behalf of another. Afrikaans - Volmag |
| Pre-approval Certificate | Issued to you by a financial institution, it states the amount of the homeloan a person qualifies for. |
| Professional Fee | Remuneration paid to a realtor by their client. Afrikaans - Professionele Koste |
| Progress Payment |
