Dictionary Conveyancing Terms

Property Law and Conveyancing Glossary of Terms

Term	Definition
Rates and Taxes	Taxes are levied on all property owners by the municipality. Rates are included in the 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 if you buy 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. They are payable on a monthly basis and are calculated as a percentage of the value of the property. Afrikaans - Eiendomsbelasting
Rates Clearance Certificate	Issued by the local authority stating that the Taxes are levied on all property owners by the municipality. Rates are included in the levy if you buy Sectional Title. They are payable on a monthly basis and are calculated as a percentage of the value of the property. Afrikaans - Eiendomsbelasting ">rates and taxes have been paid to a future date in respect of the property. Afrikaans - Munisipale Heffings Sertifikaat
Real Estate Agent	See A person licensed to negotiate and transact the sale of real estate on behalf of the property owner. Afrikaans - Makelaar ">realtor. Afrikaans - Eiendomsagent
Real Righ	A right over or in respect of Land and everything that is permanently attached to it. Afrikaans - Onroerende Eiendom ">immovable property and registered against the 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 ">title deed of the property. Afrikaans - Saaklike Reg
Realtor	A person licensed to negotiate and transact the sale of real estate on behalf of the property owner. Afrikaans - Makelaar
Registering Attorney	This attorney attends to the registration of the new bond into the name of the buyer. Afrikaans - Registreerde Prokureur
Registration of Transfer	The process whereby ownership of property transfers from the seller to the buyer via a Deed of Transfer. Afrikaans - Registrasie Van Oordrag
Repo Rate	A credit management tool used by the South African Reserve Bank to regulate customer spending in the country. Afrikaans - Repo Koers
Repossession of Property	See A legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. Also known as a repossession of property. Afrikaans - Eksekusie ">foreclosure. Afrikaans - Terugneming van Eiendom
Resolutive Condition	The A legally enforceable agreement, for example a lease or sale. Afrikaans - Kontrak ">contract is immediately binding and will remain binding unless the 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 is not fulfilled.
Risk Profile	A person’s credit worthiness. Afrikaans - Risikoprofiel