Glossary

A financial institution.

A testator, in making a bequest to a particular legatee, may stipulate that, in consideration of such bequest, the legatee is to pay a fixed sum of money or transfer a property either to the estate or to another named beneficiary. Such payment is known as a bequest price.

The controlling body of a sectional title scheme responsible for the costs of upkeep and maintenance of the property.

Contract of loan between the customer and a bank in the form of a homeloan whereby the property is used as the security for the loan. It is a legal document that pledges a property to the lender as security for payment of a debt.

Provides a limited real security right on the thing of another as security for the payment of a debt. A distinction is made between a mortgage over immovables and a notarial bond over movables

Payable by the borrower to the bond attorneys who are attending to the registration of the bond at the Deeds Office.

The time period over which you have to repay your home loan.

The person who applies for and receives a mortgage loan with the intention of repaying the full loan amount.

A condition in a contract setting out the rights responsibilties procedures and remedies in the event that one of the parties defaults on his/her/it's/their obligations on terms of the deed of sale.