Glossary

Property Law and Conveyancing Glossary

There are 19 entries in this glossary.
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Glossaries

Term Definition
Landlord

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

latent defect

A latent defect on the other hand is one that cannot be seen or ascertained during the course of a normal property inspection.

Lease Agreement

A contract whereby the landlord allows the tenant temporary use of a dwelling in return for payment known as rent. Afrikaans - Huurkontrak

Legal capacity

The power or ability to be the bearer of rights and duties

Legal Entity

A company close corporation or trust. Afrikaans - Regspersoon

Legatee

A person to whom the testator has bequeathed a specific thing or general things or a sum of money, that is, a specific bequest.

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

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