Property Law and Conveyancing Glossary
|Acceptance of a composition|
Legislation passed by the government.
Acceptance of benefits
An analysis of a buyers income liabilities and available funds in order to determine their ability to afford the purchase of a property.
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.
An agreement entered into by parties prior to getting married they will then be married out of community of property.
An estimate of the value of property made by a qualified professional called an 'appraiser' or 'valuator'.
Procedure whereby parties to a dispute appoint an arbitrator whose decision is final and binding to settle the dispute.
The bank’s assessed valuation of the property.