Glossary

Property Law and Conveyancing Glossary

There are 257 entries in this glossary.
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Glossaries

Term Definition
Lessee

A person who occupies a property (also known as a tenant) but does not own it and pays rent in return. Afrikaans - Huurder

Lessor

The person who rents out a property to someone else. Afrikaans - Verhuurder

Levy

Levy is the owner of a sectional title unit’s proportionate share of the costs incurred by the complex for the month. Afrikaans - Heffing

Levy Clearance Certificate

Issued by the body corporate of a sectional title scheme stating that the levy has been paid to a future date in respect of the property. Afrikaans - Heffing Klaring Sertifikaat

Liabilities

A person's long-term and short-term financial obligations. Afrikaans - Aanspreeklikheid

Lien

Where a person has improved someone else’s property or has incurred certain expenses in respect thereof he may retain possession of such property until the debt due to him has been discharged it is the right to retain possession.

Limited Real Right

A registered right over someone else’s property such as servitudes and mortgage bonds. Afrikaans - Beprekte Saaklike Reg

Linking

The linking of deed or documents lodged in the deeds registry by means of a number or letter code to ensure that the relevant deed or documents are registered simultaneously as a batch. Deeds are linked primarily for financial reasons.

Liquidation

The process of winding up the affairs of a company or close corporation by establishing liabilities and apportioning assets

Liquidation and distribution account

This is an account drawn up by the executor which discloses the assets of the estate, as well as the manner in which the executor is going to distribute these assets among the creditors, legatees and heirs.

Loan

A sum of borrowed money (principal) that is generally repaid with interest. Afrikaans - Lening

Lodgement

The act of handing in the necessary documents at the Deeds Office for examination and registration of transfer. Afrikaans - Indiening

Lodgement

The formal handing in of deeds or documents at the deeds registry for purposes of registration

 

 

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

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