Glossary

Property Law and Conveyancing Glossary

There are 257 entries in this glossary.
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Glossaries

Term Definition
(Special) power of attorney to transfer

A written power of attorney granted by the owner of the land in his personal capacity as transferor, to a conveyancer to perform on behalf of the transferor all acts necessary to effect transfer of the land described in the power of attorney to the acquirer, the transferee. The conveyancer is also specifically authorized to execute the deed of transfer on behalf of the transferor, before the registrar of deeds.

Acceptance of a composition

Agreement between the creditors and the insolvent's trustee

Act

Legislation passed by the government.

Addendum

Attachment to an offer of purchase / deed of sale

Adiation

Acceptance of benefits

Adminastration Fee

The monthly cost that the bank charges to facilitate the adminastration of a bond account (mortgage loan).

Affordability

An analysis of a buyers income liabilities and available funds in order to determine their ability to afford the purchase of a property.

Agent

Person acting on behalf of another, usually in terms of a power of attorney

Agreement of Sale

Also referred to as the Offer to Purchase. It is a legally binding document signed by the buyer and seller whereby the buyer agrees to buy a property from the seller who agrees to sell the property to the buyer for a proposed purchase price and conditions on which the sale will take place.

Alienation

The Alienation of Land Act 68 of 1981 governs the alienation (selling exchanging or donating) of immovable property.

Amortization

 Loan payment by equal periodic payments calculated to pay off the mortgage at the end of a fixed period.

Amortization Term

The length of time required to repay the mortgage loan expressed as a number of months.

Antenuptial Contract

An agreement entered into by parties prior to getting married they will then be married out of community of property.

Appraisal

An estimate of the value of property made by a qualified professional called an 'appraiser' or 'valuator'.

Arbitration

Procedure whereby parties to a dispute appoint an arbitrator whose decision is final and binding to settle the dispute.

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