Glossary
Property Law and Conveyancing Glossary
Glossaries
Term | Definition |
---|---|
Acceptance of a composition | |
Act | Legislation passed by the government. |
Addendum | Attachment to an offer of purchase / deed of sale. |
Adiation | Acceptance of benefits |
Adminastration Fee | |
Affordability | An analysis of a buyers income liabilities and available funds in order to determine their ability to afford the purchase of a property. |
Agent | Person acting on behalf of another, usually in terms of a power of attorney |
Agreement of Sale | Also referred to as the Offer to Purchase. It is a legally binding document signed by the buyer and seller whereby the buyer agrees to buy a property from the seller who agrees to sell the property to the buyer for a proposed purchase price and conditions on which the sale will take place. |
Alienation | The Alienation of Land Act 68 of 1981 governs the alienation (selling exchanging or donating) of immovable property. |
Amortization | |
Amortization Term | |
Antenuptial Contract | An agreement entered into by parties prior to getting married they will then be married out of community of property. |
Appraisal | An estimate of the value of property made by a qualified professional called an 'appraiser' or 'valuator'. |
Arbitration | Procedure whereby parties to a dispute appoint an arbitrator whose decision is final and binding to settle the dispute. |
Assessment | The bank’s assessed valuation of the property. |