Dictionary Conveyancing Terms

A breakdown of how much interest and insurance was paid, as well as total repayments to the home loan account over a certain period. Afrikaans - Belastingsertifikaat

A person who occupies a property, but does not own it and pays rent in return. Afrikaans - Huurder

A property development where occupancy time is sold.

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

A general term for either a simplex or a duplex. Afrikaans - Meenthuis

Costs payable for the registration of a property and include transfer duty, conveyancing fees, and registration fees. Afrikaans - Oordrag Koste

A tax levied by the government on the transfer of land. If the purchase price includes VAT no transfer duty is payable. Afrikaans - Hereregte

Appointed by the seller to attend to the transfer of the property into the name of the buyer. Afrikaans - Oordragprokureur

A contract between the founder and the trustee in terms of which the trustee is to administer the trust fund for the benefit of the beneficiaries.

The separate interest bearing accounts used when attorneys and/or realty companies hold money for people, until these monies and interest have to be paid out to whom they are owed.

A person appointed to manage the affairs and assets of a trust. In terms of sectional title, the trustees attend to the day-to-day running of the scheme, which includes the collection of levies and the employment and management of staff.