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Dictionary Conveyancing Terms

Property Law and Conveyancing Glossary of Terms

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Valuation Fee

The amount that a financial institution charges to assess the property prior to granting the finance that has applied for. Afrikaans - Waardasie Fooi
Value Added Tax

(VAT) Tax on goods that is levied on the value added that results from each exchange. If the seller is a "VAT Vendor", VAT may be payable and not A tax levied by the government on the transfer of land. If the purchase price includes VAT no transfer duty is payable. Afrikaans - Hereregte

">transfer duty, or, if the Purchaser is a Vendor, transfer duty may be payable. Afrikaans - Belasting op Toegevoegde Waarde
Variable Rate

Fluctuates according to the Interest Rate. Afrikaans - Veranderlike Koers
voetstoots

The The voetstoots clause absolves the seller from liability for any latent defects after the sale of a property; however, it only protects the seller if he was unaware of the latent defect at the time of the sale. If the seller fraudulently conceals or fails to disclose a latent defect of which he had knowledge, he may be liable towards the purchaser. (Note that in those instances where the Consumer Protection Act applies to a sale agreement, further considerations apply.)

">voetstoots clause absolves the seller from liability for any A latent defect, on the other hand, is one that cannot be seen or ascertained during the course of a normal property inspection.

">latent defects after the sale of a property; however, it only protects the seller if he was unaware of the latent 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 at the time of the sale. If the seller fraudulently conceals or fails to disclose a latent defect of which he had knowledge, he may be liable towards the purchaser. (Note that in those instances where the Consumer Protection Act applies to a sale agreement, further considerations apply.)
Voetstoots

“To sell it as it stands” without any Guarantee A formal letter issued by a financial institution to the transferring attorney, undertaking to pay the purchase price (or outstanding amount) on registration of transfer of the property into the name of the buyer. Afrikaans - Waarborg

">guarantees given by the seller as to 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 of the property, the seller therefore cannot be held responsible for latent or 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 defects. The property is sold "as is".

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Conveyancing Explained

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

">Transfer Costs

Property Transfer Process

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

">Deed of Sale Explained

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