Glossary

Property Law and Conveyancing Glossary

There are 13 entries in this glossary.
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Glossaries

Term Definition
Participation Quota

Participation Quota Used to calculate the individual owner’s monthly levy in a sectional title it is determined by dividing the size of each section into the total floor area of all the sections. Afrikaans - Deelnemings Quota

Partnership

A contact between a minimum of two and a maximum of twenty persons to carry on business in common. There are no formalities required to start a partnership and it is not a separate legal entity. Partners are personally liable for partnership debts. Afrikaans - Vennootskap

patent defect

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.

Personal servitude

A limited real right over the movable or immovable thing of another person granting specific entitlements of use and enjoyment to the holder in his/her personal capacity with regard to that thing for a specified period or as long as he/she lives

Pivot Deed

Is a deed used in the Cape Province and intended to guarantee that no change of conditions has occurred between it and the present title deed and so to avoid the need for long, laborious searches

Possession

It passes to the buyer on registration of transfer with all obligations and rights to the property passed to the new owner. Afrikaans - Besitting

Power Of Attorney

A legal document authorizing one person to act on behalf of another. Afrikaans - Volmag

Power of Attorney

A written or oral authorization given by one person, called the principal, to another person called the representative or agent, to perform the acts authorized in the power of attorney on behalf of the principal

 

 

Praedial servitude

A servitude (limited real right) which one property has over another property, which belongs to someone else

Pre-approval Certificate

Issued to you by a financial institution it states the amount of the homeloan a person qualifies for.

Proclamation

Notice in the Gazette regarding provincial legislation

Professional Fee

Remuneration paid to a realtor by their client. Afrikaans - Professionele Koste

Progress Payment

Payments made to the building contractor by the bank from the customer’s building loan account as building work progresses. The assessor does an inspection and releases the retention accordingly. Afrikaans - Vordering Betaling

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