Glossary

Agreement between the creditors and the insolvent's trustee

Legislation passed by the government.

Attachment to an offer of purchase / deed of sale. 

Acceptance of benefits

The monthly cost that the bank charges to facilitate the adminastration of a bond account (mortgage loan).

An analysis of a buyers income liabilities and available funds in order to determine their ability to afford the purchase of a property.

Person acting on behalf of another, usually in terms of a power of attorney

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.

The Alienation of Land Act 68 of 1981 governs the alienation (selling exchanging or donating) of immovable property.

 Loan payment by equal periodic payments calculated to pay off the mortgage at the end of a fixed period.

The length of time required to repay the mortgage loan expressed as a number of months.

An agreement entered into by parties prior to getting married they will then be married out of community of property.

An estimate of the value of property made by a qualified professional called an 'appraiser' or 'valuator'.

Procedure whereby parties to a dispute appoint an arbitrator whose decision is final and binding to settle the dispute.

The bank’s assessed valuation of the property.