Dictionary Conveyancing Terms

Property Law and Conveyancing Glossary of Terms

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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 ">Participation Quota Used to calculate the individual owner’s monthly Levy is the owner of a sectional title unit’s proportionate share of the costs incurred by the complex for the month. Afrikaans - Heffing ">levy in 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, 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 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 ">partnership and it is not a separate A company, close corporation or trust. Afrikaans - Regspersoon ">legal entity. Partners are personally liable for partnership debts. Afrikaans - Vennootskap
patent defect	A 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. ">patent defect is a A patent defect is a clearly visible defect. A latent defect is a fault or flaw that is not immediately detectable, or is hidden from view on inspection of the property. Afrikaans - Defek ">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 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 prior to concluding a sale agreement.
Possession	It passes to the buyer on The process whereby ownership of property transfers from the seller to the buyer via a Deed of Transfer. Afrikaans - Registrasie Van Oordrag ">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 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 a person qualifies for.
Professional Fee	Remuneration paid to a A person licensed to negotiate and transact the sale of real estate on behalf of the property owner. Afrikaans - Makelaar ">realtor by their client. Afrikaans - Professionele Koste
Progress Payment	Payments made to the building contractor, by the bank, from the customer’s building A sum of borrowed money (principal) that is generally repaid with interest. Afrikaans - Lening ">loan account, as building work progresses. The assessor does an inspection and releases the retention accordingly. Afrikaans - Vordering Betaling

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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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Also referred to as the Agreement of Sale or Offer to Purchase. Afrikaans - Koopkontrak
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