Glossary
Property Law and Conveyancing Glossary
Glossaries
| Term | Definition |
|---|---|
| Valuation Fee | The amount that a financial institution charges to assess the property prior to granting the finance that has applied for. Afrikaans - Waardasie Fooi |
| Value Added Tax | (VAT) Tax on goods that is levied on the value added that results from each exchange. If the seller is a 'VAT Vendor' VAT may be payable and not transfer duty or if the Purchaser is a Vendor transfer duty may be payable. Afrikaans - Belasting op Toegevoegde Waarde |
| Variable Rate | Fluctuates according to the Interest Rate. Afrikaans - Veranderlike Koers |
| Voetstoots | “To sell it as it stands” without any guarantees given by the seller as to the condition of the property the seller therefore cannot be held responsible for latent or patent defects. The property is sold 'as is'. |
| voetstoots | The voetstoots clause absolves the seller from liability for any latent defects after the sale of a property; however it only protects the seller if he was unaware of the latent defect at the time of the sale. If the seller fraudulently conceals or fails to disclose a latent defect of which he had knowledge he may be liable towards the purchaser. (Note that in those instances where the Consumer Protection Act applies to a sale agreement further considerations apply.) |