South-African Law for the Layman

South-African Law for the Layman

Conveyancing Terms Explained

Glossary of Conveyancing terms:

 ActAn Act is a form of legislation passed by the courts for the government.

 Addendum - An Addendum is a supplementary agreement to an original sale contract covering points agreed to afterwards. It is a separate agreement in its own right and, if it contradicts the original in any way, it is presumed to overrule it.

Administration Fee - The bank charges a monthly Administration Fee to handle your home loan.

Agent's CommissionThis is a fee charged by an estate agent for the services rendered to a seller, for selling his property. Estate agents always have to pay VAT on their commissions. Unless otherwise agreed the VAT will be added to the agreed commission. The seller pays the commission on registration and, if he is a vendor he may, in appropriate circumstances, recover the VAT paid.