Glossary

Property Law and Conveyancing Glossary

There are 17 entries in this glossary.
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Glossaries

Term Definition
Mandate

An instruction authority or agreement given to a realtor by a seller to market their property. Afrikaans - Mandaat

Mark Value

The price that a willing and financially able buyer would pay to a willing seller for a property in a particular area at a given time. Afrikaans - Markwaarde

Married in Community of Property

Parties have a joint estate and any immovable property will be registered in both spouses’ names. Afrikaans - Getroud Binne Gemeenskap Van Goedere

Massing

If any two or more persons have by their mutual will massed the whole or any specific portion of their joint estate and disposed of the massed estate or of any portion thereof after the death of the survivor or survivors or the happening of any other event after the death of the first-dying, conferring upon the survivor or survivors any limited interest in respect of any property in the massed state, then upon the death after of the first-dying, adiation by the survivor or survivors shall have the effect of conferring upon the persons in whose favour such disposition was made, such rights in respect of any property forming part of the share of the survivor or survivors of the massed estate as they would by law have possessed under the will if that property had belonged to the first-dying; and the executor (must) frame (the) liquidation and distribution account accordingly. An example of massing is when testators (married in community of property) mass their estates in their joint will and provide that on the death of the first dying the whole of their massed estate devolves upon their children, subject to a usufruct in favour of the survivor. If the survivor accepts (adiates) the terms of the will after the death of the first-dying, massing occurs. The effect of this is that the survivor waives his/her right to the half-share of the joint estate in exchange for the usufruct over the whole joint estate.

Matrimonial property regime

System regulating the matrimonial property

Maturity

The date on which the principal balance of a loan becomes due and payable.

Memorandum

This document forms part of the constitution of a company and contains valuable information about the company.

Minor

A person who is unmarried and under the age of 21. Afrikaans - Minderjarige

Mortgage

An agreement 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. Afrikaans - Verband

Mortgage

See bond

Mortgage bond disposed of

This means that the existing bond over the property must either be cancelled or the property released from the operation of the mortgage bond

Mortgage Originator

An individual or company that assist buyers in applying for a mortgage homeloan or building loan with the different banks. Afrikaans - Verband Skepper

Mortgagee

The lender usually a bank that advances or lends money on the security of a property purchased.

Mortgagee

The person or institution who, as the mortgage creditor, on registration of a mortgage bond, acquires a mortgage over the property of the mortgagor.

Mortgagor

The borrower who borrows from a lender by mortgaging his property to the lender as security. Afrikaans - Verbandgewer

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