Glossary

Property Law and Conveyancing Glossary

There are 257 entries in this glossary.
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Glossaries

Term Definition
Assessment

The bank’s assessed valuation of the property.

Assets

What you own. Movable and immovable property plus investments such as shares; and all other belongings.

Association Agreement

An agreement concluded between the members of a close corporation which states the contractual capacities and responsibilities of the members.

Attachment

A formal act by the sheriff or deputy sheriff in terms of a court order (writ of execution) whereby the judgment creditor acquires a judicial real security right on the attached object in fulfilment of the judgement debt

Attorney Allocation

The specific attorneys on behalf of a specific bank who are allocated to do registrations on behalf of specific bank. As a rule only attorneys on a banks approved panel are allowed to act for tha bank in respect of the registration and cancelation of bonds.

Auction

Method of selling a property to a person who makes the highest bid. Also read our informative article on buying property on auction.

Authentication/ attest

The verification of any signature on a document

Bank

A financial institution.

Bequest price

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.

Body Corporate

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

Bond

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.

Bond (mortgage)

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

Bond Registration Fees

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

Bond Term

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

Borrower

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

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