Dictionary Conveyancing Terms

Property Law and Conveyancing Glossary of Terms

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Term	Definition
Bank	A financial institution.
Body Corporate	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.
Bond	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.
Bond Registration Fees	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.
Bond Term	The time period, over which you have to repay your home loan.
Borrower	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.
Breach Clause	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.

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