Glossary
Property Law and Conveyancing Glossary
Glossaries
Term | Definition |
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Participation Quota | Participation Quota Used to calculate the individual owner’s monthly levy in a sectional title it is determined by dividing the size of each section into the total floor area of all the sections. Afrikaans - Deelnemings Quota |
Partnership | A contact between a minimum of two and a maximum of twenty persons to carry on business in common. There are no formalities required to start a partnership and it is not a separate legal entity. Partners are personally liable for partnership debts. Afrikaans - Vennootskap |
patent defect | |
Personal servitude | A limited real right over the movable or immovable thing of another person granting specific entitlements of use and enjoyment to the holder in his/her personal capacity with regard to that thing for a specified period or as long as he/she lives |
Pivot Deed | Is a deed used in the Cape Province and intended to guarantee that no change of conditions has occurred between it and the present title deed and so to avoid the need for long, laborious searches |
Possession | It passes to the buyer on registration of transfer with all obligations and rights to the property passed to the new owner. Afrikaans - Besitting |
Power Of Attorney | A legal document authorizing one person to act on behalf of another. Afrikaans - Volmag |
Power of Attorney | A written or oral authorization given by one person, called the principal, to another person called the representative or agent, to perform the acts authorized in the power of attorney on behalf of the principal
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Praedial servitude | A servitude (limited real right) which one property has over another property, which belongs to someone else |
Pre-approval Certificate | Issued to you by a financial institution it states the amount of the homeloan a person qualifies for. |
Proclamation | Notice in the Gazette regarding provincial legislation |
Professional Fee | Remuneration paid to a realtor by their client. Afrikaans - Professionele Koste |
Progress Payment |