Real Estate Dictionary

Find definitions and explanations for those confusing real estate terms!
Simply enter a word, term, or a partial term, and click the "Go" button to search the Real Estate Dictionary.

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absentee bid - An absentee bid is a procedure which allows a bidder to participate in ...

absolute auction - An absolute auction is an auction where the item on auction is sold to ...

absorption rate - Absorption rate is a ratio used to enumerate the number of properties in ...

abstract - 'Abstract', where real estate is concerned, refers to a written history o...

abstraction method - An abstraction method is a method used for estimating the value of proper...

acceleration clause - An accelleration clause is a provision in a mortgage note , which gives ...

accessory building - An accessory building is a building that stands separate from the main st...

additional principal payment - An additional principal payment is an amount, paid by a borrower , of mo...

adjustable-rate mortgage - An adjustable-rate mortgage is a mortgage that permits the lender to ...

adjustment date - Adjustment date refers to the date when the interest rate on an adjustabl...

adjustment interval - A specified period between changes in the interest rate or monthly paymen...

adjustment period - For an adjustable rate mortgage, the adjustment period is the time period...

administration fee - An administration fee (in terms of mortgage bonds) is the fee charged by ...

advocate - An advocate is a lawyer who takes instructions from attorneys and who gen...

affordability analysis - An estimation of a borrower 's ability to afford the purchase of a home ...

agreement of sale - A written contract (agreement) that states the terms and conditions under...

alienate - In terms of the Alienation Of Land Act 68 of 1981, 'alienate' means to se...

alienation of land - The sale, donation, or exchange of immovable property . ...

amortization - Amortization refers to the process of repaying a loan, or the gradual rep...

amortization schedule - An amortization schedule is a timetable for payment of a mortgage loan (o...

amortize - To 'amortize' a home loan means to make regular repayments on a mortgage....

annual percentage rate - The measure of the actual cost of borrowing money expressed in the form o...

annual premium - The 'annual premium' is the yearly premium payable in respect of a life a...

annuity - An investment that pays out an amount at regular intervals (paid weekly, ...

ante-nuptial contract - An ante-nuptial contract is an agreement between two people, which they e...

application fee - A fee payable to the lender for the initial expenditures of processing a ...

appraisal - 'Appraisal' is the act, or process, of estimating value. An appraisal is...

appraisal fee - Fee charged by a certified appraiser to give an estimate or opinion of ma...

appreciation - Appreciation is an increase in the value of an item (e.g., the increase i...

arbitration - The conflict resolution process whereby the parties to a dispute agree to...

arbitration tribunal - The arbitration body (or even a single person) apointed to arbitate and s...

assessed value - The estimated value of a property at a certain point in time, for a speci...

assessor - A public official who establishes the value of a property for taxation pu...

asset - Anything of monetary value that is owned by a person, trust, close corpor...

assignment of mortgage - A document evidencing the transfer of ownership of a mortgage from one pe...

assumable mortgage - A mortgage loan that can be 'taken over' (assumed) by the buyer when a ho...

assumption fee - A fee a lender charges a buyer who will assume the seller's existing mort...

attorney - An attorney is a lawyer who provides general legal services and who may i...

auction - A method of selling property to the buyer in a public forum through open ...

auction clerk - The person employed by the principal auctioneer or auction firm to record...

auction plan - The pan for pre-auction, auction day and post auction activities, which t...

auction price - The price of a property obtained through the auction method of marketing....

auctioneer - The person whom the seller appoints to direct, conduct, or be responsible...

auditor - A professional person registered in terms of the Public Accountants And A...

balance sheet - A financial statement that shows assets, liabilities, and net worth as of...

balloon mortgage - A mortgage in which the borrower's monthly payments are amortized over a ...

balloon payment - The final lump sum payment that is made at the maturity date of a balloon...

bank - A financial institution registered in terms of the Banks Act 94 of 1990. ...

bank letter of credit - A letter from a bank certifying that a named person is worthy of a given ...

bankruptcy - A legal proceeding that allows a debtor (person or business) to eliminate...

beetle certificate - The Seller may be required to provide a beetle certificate by to the Purc...

before-tax income - Income before taxes are deducted. Also known as gross income. ...

beneficiary - A beneficiary is someone who inherits something in terms of a will, benef...

bi-weekly payment mortgage - A mortgage with payments due every two weeks (instead of monthly). ...

bid - A prospective buyer's indication or offer to purchase property at a certa...

bid ringing - The illegal practice whereby two or more people agree not to bid against ...

bidder number - The identifying number issued to each person who registers at an auction....

bidder's pack - The package of information and instructions pertaining to the property to...

blanket mortgage - A single mortgage that covers two or more properties. (also know as cross...

body corporate - The body corporate of a sectional title scheme is made up of all the owne...

body corporate - The controlling body of a sectional title scheme is known as the body cor...

bona fide - In good faith, without fraud. ...

bond - See martgage bond. ...

bond attorneys - The conveyancers who attends to the registration of the Purchaser's new m...

bond holder - Also known as a mortgagee. ...

bond originator - An individual or firm that acts as an agent between lenders and borrowers...

borrower - An individual who applies for, and receives a loan from a lender. The bor...

breach of contract - If either the buyer or seller does not perform according to the terms of ...

broker - An individual who unites buyers and sellers of goods and serveces and neg...

broker participation - An arrangement for third-party brokers to register potential bidders for ...

building code - Local regulations that set forth the standards and requirements for the c...

building society - A financial institution previously registered in terms of the Building So...

buy-down - Money advanced by an individual (e.g. builder, seller, buyer, developer) ...

buyer's commission - An advertised percentage of the high bid, or a flat fee added to the high...

buyer's market - A market condition that favors buyers. If there are more sellers than buy...

callable debt - A debt security whose issuer has the right to redeem the security at a sp...

cancellation attorneys - The conveyancers attending to cancellation of the Seller's existing mortg...

canvassing - A procedure used by real estate agents to contact property owners and pot...

cap - For an adjustable-rate mortgage, a limitation on the amount the interest ...

cash-out - Money received when refinancing a property when the new loan is larger th...

cash-out refinance - A refinance transaction in which the borrower receives additional funds o...

catalog - A publication advertising and describing the property available for sale ...

caveat emptor - A Latin term meaning 'let the buyer beware'. A legal maxim stating that t...

certificate of deposit - A document issued by a bank or other financial institution that is eviden...

chain of title - The history of all of the documents that have transferred title to a parc...

charge-off - The portion of principal and interest due on a loan that is written off w...

clear title - Ownership that is free and clear of liens, defects, other legal encumbran...

clearance certificate - A certificate issued by the relevant authority (municipality, town counci...

client - The person who has given an agent a mandate to render a service for him/h...

close corporation - A business entity registered in terms of the Close Corporations Act 69 of...

co-borrower - Any borrower other than the first borrower whose name appears on the appl...

code of conduct - A set of ethical rules drawn up by the Estate Agency Affairs Board to reg...

collateral - An asset (such as a home, car, boat, etc.) that is pledged as security fo...

collection - The efforts a creditor or his agent takes to collect past due payments. ...

commercial property - A property used primarily for business or office purposes. ...

commission - The professional fee charged for services performed, usually based on a p...

commitment letter - A binding offer by a lender to loan money at a future date subject to the...

common law - The law which automatically applies, unless excluded or amended by legisl...

common property - Common property is a term that is used for all and any parts of a section...

common property - In a sectional title complex, common property is all the land in the comp...

common stock - A security that represents ownership in a company but gives no legal clai...

company - A business entity registered in terms of the Companies Act 61 of 1973. A ...

comparables - An abbreviation for comparable properties, which are used as a comparison...

conditions of sale by auction - The legal terms that govern the conduct of an auction, including acceptab...

conduct deserving of sanction - Unethical or improper conduct by an estate agent. The criteria for conduc...

conduct rules - Conduct rules, in a sectional title scheme, are the hands-on rules for th...

construction loan - A loan for financing the cost of construction or improvements to a proper...

contingency - A condition that must be met before a contract is legally binding. For ex...

contract - A legally enforceable agreement. In terms of the Alienation Of Land Act ...

contract of sale - A contract of sale is an agreement, in terms of immovable property, betwe...

contract of sale - A written agreement on the purchase price, terms and conditions of a sale...

conversion clause - An additional provision in some adjustable rate mortgages wherein the obl...

conversion option - A provision of some adjustable-rate mortgage loans that allows the borrow...

convertible adjustable-rate mortgage - An adjustable-rate mortgage that allows the borrower the option to conver...

conveyancer - A conveyancer is an attorney with the necessary qualifications to attend ...

conveyancer - An attorney who is qualified to attend to deeds office transactions such ...

conveyancing - The term 'conveyancing' describes the legal process whereby rights in imm...

cooling off right - Some buyers of immovable property have a cooling off right in terms of th...

credit bureau - An independent agency that gathers and maintains information on the debts...

credit enhancement - A method to reduce credit risk by requiring collateral, letters of credit...

credit history - A record of an individual's debts and repayment record. A credit history ...

credit life insurance - A type of insurance that pays off a specific amount of debt or a specifie...

credit loss ratio - The ratio of credit-related losses to the dollar amount of MBS outstandin...

credit report - A document provided by a credit reporting agency containing information a...

credit score - A numerical value that ranks a borrower's credit risk at a given point in...

credit scoring - A process that uses recorded information about individuals and their loan...

credit-related expenses - The sum of foreclosed property expenses plus the provision for losses. ...

credit-related losses - The sum of foreclosed property expenses plus charge-offs. ...

creditor - A person to whom money is owed. ...

debt - An amount owed to another. ...

debt security - A security in which the issuing company generally agrees to repay the pri...

debt-to-income ratio - The ratio (percentage) of an individual's monthly income that will be nee...

debtor - A person who owes money to another. ...

deed - The legal document conveying title to a property (i.e., transferring the ...

deed of sale - See contract of sale ...

deed of transfer - The deed of transfer is a document that proves that a property owner acti...

deed of transfer - The deed of transfer is also called the title deed . ...

deed of trust - A legal document that conveys title to real estate to a disinterested thi...

deed-in-lieu of foreclosure - The transfer of title from a borrower to the lender to satisfy the mortga...

deeds office - The place where property transactions are registered. Visit the deeds off...

deeds registry - The South African Deeds Registry is a governmental department with region...

default - The failure to make a scheduled payment or otherwise comply with the term...

defect - A fault or damage to property that substacially impairs its utility and e...

delinquency - Neglecting or failing to make payments when due, as agreed in the loan co...

deposit - The down payment a buyer makes in the form of cash or guarantee. The depo...

derivative - A financial instrument which derives its value from an underlying securit...

developer - A real estate developer is someone who initiates the development of impro...

discount points - A fee paid in respect of the loan to the lender at settlement. By paying ...

domicile - Domicile is a term that refers to the place where you live. Your domicile...

domicilium citandi et executandi - Domicilium Citandi Et Executandi is a Latin phrase which refers to the ad...

domicilium citandi et executandi - Often referred to simply as domicilium or domicile. This is the address f...

down payment - The amount (or percentage) of cash that will be paid at the transfer sett...

due diligence - The process of gathering information about the condition and legal status...

due-on-sale clause - A provision in a mortgage that allows the lender to demand immediate repa...

duplex - A sectional title unit on two levels with stairs. NOT a unit at the top o...

duplex - 'Duplex' means 'twofold' or ' double'. So, when the term 'duplex' is used...

duration - The weighted-average life of the present value of all future cash flows, ...

earnest money deposit - A deposit submitted with a purchase offer to show that the buyer's offer ...

earnings per share - The net earnings of a company, divided by the average number of shares of...

easement - A right to the use of, or access to, land owned by another. ...

electrical installation regulation - An Electrical Compliance Certificate is required by any purchaser of a fi...

employer-assisted housing - Employer-assisted housing is a housing program for employees in which com...

encroachment - The intrusion onto another's property without right or permission. ...

encumbrance - Any claim on a property, such as a lien, mortgage, easement or liability ...

endorsement - A note made on the title deed of a property by the Registrar Of Deeds is ...

equity - The owner's interest in a property, calculated as the current fair market...

estate - Your 'estate' refers to all the stuff you own, be it immovable property, ...

estate agent affairs act - The Estate Agent Affairs Act 112 of 1976 governs any person who holds him...

estate duty - Estate duty is a tax which may become payable upon your death. (Yes, the ...

eviction - The legal act of removing someone from real property. ...

exclusive listing - A written contract that gives a licensed real estate agent the exclusive ...

executor - A person named in a will and approved by a probate court to administer th...

expropriation - The procedure whereby a property is taken over by local authorities, the ...

fair market value - The price at which property would be transferred between a willing buyer ...

finance - Money. See loan finance. ...

first mortgage - A mortgage that is the primary lien against a property. ...

first time home buyer - A person with no ownership interest in a principal residence during the t...

fixed mortgage - A mortgage that has a fixed interest rate for the entire term of the loan...

fixed-period adjustable-rate mortgage - An adjustable-rate mortgage that offers a fixed rate for an initial perio...

fixed-rate mortgage - A mortgage loan in which the interest rate does not change during the ent...

fixtures and fittings - Properties are usually sold with all the fixtures and fittings of a perma...

flood certification fee - A fee charged by independent mapping firms to identify properties located...

flood insurance - Insurance that compensates for physical property damage resulting from fl...

forbearance - The lender's postponement of legal action when a borrower is delinquent. ...

forclosure - The legal process by which a property that is mortgaged as security for a...

forfeiture - The loss of money, property, rights, or privileges due to a breach of a l...

franchise - A company carrying on a business in the name of a franchisor company. A w...

freehold - A free standing house on a plot of ground with its own Erf number. ...

full title - A term used to describe and differentiate a freehold property from sectio...

fully amortized mortgage - A mortgage in which the monthly payments are designed to retire the oblig...

gazump - Raising the price after a verbal agreement when an item has been auctione...

general contractor - A person who oversees a home improvement or construction project and hand...

general power of attorney - A general power of attorney is a document which gives the attorney-in-f...

good faith estimate - An estimate disclosed by the transferring attorney describing an amount o...

grace period - The time at which a loan payment can be made after its due date without i...

grantee - A grantee is the person to whom something is granted, or one who receives...

grantee - The buyer of a property. ...

grantor - Grantor refers to the person or party who grants something, or gives some...

grantor - The seller of a property. ...

gross income - Total income before taxes, benefits, or expenses are deducted. ...

ground rent - Payment for the use of land when title to a property is held as a leaseho...

growing-equity mortgage - A fixed-rate mortgage in which the monthly payments increase according to...

guarantee - A formal letter issued by a bank or other financial institution undertaki...

guardian - A guardian is a person who must exercise certain legal responsibility on ...

hazard insurance - Insurance coverage that compensates for physical damage to a property fro...

home equity conversion mortgage - A special type of mortgage that enables older home owners to convert the ...

home equity line of credit - A type of revolving loan, that enables a home owner to obtain multiple ad...

home inspection - An examination of the construction, condition and internal systems of a h...

homeowner's insurance - A broad form of insurance coverage that can combine hazard insurance with...

homeowner's warranty - Insurance offered by a seller, that covers certain home repairs and fixtu...

homeowners' association - An organization of homeowners residing within a particular area whose pri...

housing expense ratio - The percentage of a borrower's gross monthly income that is devoted to ho...

huur gaat voor koop - An Afrikaans term, meaning roughly the same as 'Lease goes before sale'. ...

hypothec - A right of security over movable property. A lessor, in the case of a lea...

immovable property - Immovable property refers to land and the improvements to land (plantatio...

immovable property - Land and everything permanently attached to it. ...

improper conduct - See conduct deserving of sanction. ...

income property - Real estate developed or purchased to produce income, such as a rental un...

index - An announced rate used by lenders to serve as the basis for determining i...

industrial property - Property esed for industrial purposes. Factory premises. ...

initial interest rate - The original interest rate for the first period of an adjustable-rate mor...

insolvent - An isolvent is a person who has been declared insolvent, or bankrupt, by ...

insolvent - A person who is unable to repay his debts and whose estate is declared in...

installment - The regular periodic payment that a borrower agrees to make to a lender. ...

installment debt - n installment debt is a loan that gets repaid in accordance with a schedu...

instalment sale - In terms of the Alienation Of Land Act 68 of 1981, an instalment sale is ...

interest - The fee charged for borrowing money, calculated as a percentage of the re...

interest accrual rate - The percentage rate at which interest accumulates or increases on a mortg...

interest rate cap - For an adjustable-rate mortgage, a limitation on the amount the interest ...

interest rate ceiling - For an adjustable-rate mortgage, the maximum interest rate, as specified ...

interest rate floor - For an adjustable-rate mortgage, the minimum interest rate, as specified ...

intermediate-term mortgage - A mortgage loan with a contractual maturity at time of purchase equal to ...

investment property - A property purchased to generate rental income, tax benefits, or profitab...

joint liability - Liability shared among two or more people, each of whom is equally respon...

joint tenancy - A form of tenancy which gives each person equal interest and liability in...

judgment lien - A lien on the property of a debtor resulting from the decree of a court. ...

junior mortgage - A loan that is subordinate to the primary loan or first-lien mortgage loa...

landlord - The owner op immovable property that he/she lets to tenants at a fee. Als...

late charge - A fee payable by the borrower when a payment is made later than the due d...

latent defects - A latent defect is a defect that does exist, but is not visible or discov...

lease agreement - The terms and conditions of a lease. An agreement whereby a lessee obtain...

legacy - A gift, or donation, made in a will. The stuff you leave behind, once yo...

legal entity - A company or close corporation. Sometimes a trust is also regarded as a l...

legatee - Someone who receives a legacy. A legatee is therefore usually a principal...

lender option commitments - An agreement giving a lender the option to deliver loans or securities by...

lessee - A person who enters into a lease agreement with a lessor. See tenant. ...

lessor - A person who enters into a lease agreement with a lessee. See landlord. ...

levy - In terms of sectional title property, the levy is an owner's contribution...

levy clearance certificate - A clearance certificate issued by the sectional title body corporate. ...

lien - Right of retention (retaining posession). A legal claim (or rigt to claim...

lifetime rate cap - Lifetime rate caps limit the maximum interest rate allowable on an adjust...

limited real right - A registered right over someone else's property. Servitudes and mortgage ...

liquidation - The legal process leading to the dissolutotion of a company or close corp...

loan application - The application for a loan made by a borrower to a lender. Loan applicati...

loan application fee - Money paid to the lender for the initial expenditures of processing a loa...

loan finance - Money borrowed to pay for the purchase of a property. ...

loan servicing - The tasks a lender performs to protect a mortgage investment, including c...

loan-to-value ratio - (LTV) The relationship between the balance of a borrower's mortgage loan ...

lock (lock-in) - A lender's guarantee of an interest rate for a specific time period, usua...

lodgement - This is the act of handing in the documents at the deeds office for exami...

long lease - A lease for a period of 10 years or more; or for the natural life of the ...

loss mitigation - Activities designed to reduce either the likelihood of the lender sufferi...

lot - Either an individual object or grouping of objects that are offered for s...

management rules - Management rules for a sectional title scheme deal with the control, admi...

mandate - An instruction or authority given to an estate agent to render a particul...

margin - A fixed percent of interest added to the individual [financial] index to ...

market value - The price a willing buyer will pay to a willing seller for a similar prop...

marketing price - The advertised price for a property. The marketing price is also often ca...

married in community of property - In South Africa, couples can choose to be married in community of propert...

married out of community of property - In South Africa, a couple may choose to get married out of community of p...

modification - Any change to the original terms of a mortgage. ...

mortgage - A mortgage is a loan which is secured by immovable property. The mortgag...

mortgage - A legal document that pledges property to a lender as security for the re...

mortgage banker - An individual or company that uses it's own funds to make and/or service ...

mortgage bond - A limited real right held by a lender for a loan secured by immovable pro...

mortgage broker - An individual or company that arranges financing between the lender and t...

mortgage insurance - Insurance which protects the lender in the case of a loan default. Mortga...

mortgage-backed security - A financial security that represents an undivided interest in a group of ...

mortgagee - The lender who lends money to someone against registration of a mortgage ...

mortgagor - Someone who borrows money and allows registration of a mortgage bond over...

movable property - Movable property refers to any property, other than land and improvements...

multi-family housing - A building with more than four residential rental units. ...

mutual bank - A financial institution registered in terms of the Mutual Banks Act 124 o...

negative amortization - A loan in which the outstanding principal balance of the loan increases o...

nominated values - A sectional title developer may nominate values for each unit in a sectio...

non-assumption clause - A Non-Assumption Clause is a statement in a mortgage contract, to express...

non-performing asset - An asset such as a mortgage that is not currently accruing interest or on...

notary public - A notary public is an attorney who has passed a special examination, whic...

notice of default - Written notice to a borrower that a default has occurred. Legal action ma...

null and void - Without any legal effect. A contract of sale can become, or be declared n...

occupation - The right to physically occupy the property is called occupation. This us...

occupational interest - Often referred to as 'occupational rental', occupational interest is a mo...

offer to purchase - The document in which buyers offer to purchase a property, contains the t...

offeree - The person to whom an offer is made. ...

offeror - The person who makes an offer. ...

on-site auction - An auction conducted on the premises of the property or items being sold....

opening bid - The first bid offered by a bidder at an auction. ...

option - An offer to buy/sell/let/rent property that goes with an undertaking by t...

origination fee - A commission charged for the work involved in the evaluation, preparation...

owner - An owner is someone in whom ownership of something vests. In South Afric...

participation quota - The participation quota is a number that expresses how big one section is...

partnership - An agreement between two or more persons (a maximum of 20) to carry on a ...

patent defects - A patent defect is a defect in the property that is clearly visible to th...

payment cap - Payment caps limit the change in monthly payments based on a maximum perc...

per diem interest - Interest calculated daily. (Depending on the day of the month on which cl...

periodic rate cap - Periodic rate caps limit the allowable periodic adjustments to the intere...

person - A natural person or legal person (legal entity). ...

piti - Principal, Interest, Taxes and Insurance, which are the components of a m...

possession - When the Purchaser takes over legal control of the premises, he is in pos...

power_of_attorney - A 'power of attorney' is a document giving one person the right (and resp...

pre-approval - The lender's approval in principal of a loan application submitted before...

pre-forclosure sale - A procedure in which the borrower is allowed to sell his or her property ...

pre-qualification - Prior to buying a home, pre-qualification helps a buyer identify his boun...

preferred stock - Stock that takes priority over common stock with regard to dividends and ...

prepaid interest - Interest that is paid before it is due. Generally, prepaid interest is ch...

prepayment - Full or partial repayment of the principal in advance of the contractual ...

prepayment penalty - A fee charged to the borrower, if the loan is paid off in advance of the ...

preview - A specified date and time when property is available for viewing and audi...

principal - The remaining balance of your mortgage (excluding earned interest) ...

principal beneficiary - A principal beneficiary is the person who receives the most significant p...

principal estate agent - The estate agent responsible for the compliance of a real estate agency t...

private mortgage insurance - Insurance from a private corporation that limits the Lender's liability i...

promissory note - Document signed and given to the lender by the borrower. It explains what...

purchase agreement - Contract stating the terms and conditions under which a property will be ...

quorum - A quorum is the minimum number of people who must attend a meeting in per...

rate cap - Periodic caps limit the periodic adjustments, and life caps limit the max...

rates clearance certificate - A clearance certificate issued by the municipality or town council. ...

real property - Land and any improvements that are permanently attached, such as a home, ...

real right - A right over or in respect of property. Real rights are registered agains...

refinancing - The process of paying off one loan with the proceeds from a new loan that...

registered right - A right over a property registered in a deeds office against the title de...

registrar of deeds - The Minister appoints a Registrar Of Deeds in accordance to the Deeds Reg...

registration of transfer - Registration of transfer is the South African method of recording indispu...

repayment plan - An agreement between a lender and a borrower who is delinquent on his or ...

reserve auction - An auction in which the seller reserves the right to establish a reserve ...

reserve price - The minimum price that a seller is willing to accept for a property to be...

residuary beneficiary - A residuary beneficiary is one of the people who will share in the residu...

resolutive condition - A clause in the contract of sale to the effect that the contract will bec...

restrictive conditions of title - Conditions stipulated and registered in the title deed of a property proh...

reverse mortgage - A financial tool which provides seniors with funds from the equity in the...

right of pre-emption - A contractual right entitling a person to make the first offer to purchas...

risk - Risk is all the good and bad things that can happen to the property. From...

risk-based capital - The amount of capital necessary to absorb losses throughout a hypothetica...

rules - In terms of sectional title schemes, there are both management rules and ...

sales agreement - Written agreement (contract) that states the terms and conditions under w...

scullery - A scullery is a place where dishes, kettles, and culinary utensils, are ...

second mortgage - A mortgage placed on a property with rights subordinate to the existing f...

secondary market - The buying and selling of items or property that have previously been sol...

secondary mortgage market - The market in which residential mortgages or mortgage securities are boug...

section - A section in a sectional title scheme is that individually owned part of ...

sectional title - Sectional Title is a form of property ownership that allows a number of p...

sectional title - Sectional Title refers to the owning of a section of the improvements or ...

sectional title plan - A registered land surveyor must draw up a sectional title plan for any ne...

sectional title register - A register of sections in a sectional title scheme registered in the deed...

sectional title unit - A sectional title unit includes BOTH the section AND the share in the ...

security - Safety or the perseption of safety. Can also refer to assets or income t...

semi-detached - Two seperate homes, joined with one common dividing wall. ...

servitude - A registered real right in favour of someone other than the owner of a pr...

settlement - The conclusion of your real estate transaction which includes the deliver...

shareblock - Under a shareblock scheme, a buyer acquires a share in a company that own...

short lease - is ...

simplex - A sectional title unit on one level with no stairs. Also see duplex. ...

south african institute of auctioneers - A non-statutory association of individual South African auctioneers unite...

special levy - A special levy, in terms of sectional title property, is an unusual levy...

special power of attorney - In a special power of attorney the principal authorises his/her attorne...

stockholders' equity - The sum of proceeds from the issuance of stock and retained earnings less...

sub-division - A freehold portion of land that used to be part of a larger piece of land...

subdivision - A subdivision is a portion of a larger free-hold property, which has been...

subject to confirmation - A sale which is subject to the seller's approval within a specified time ...

subject_property - The term 'subject property' refers to the specific property being the sub...

summons - A summons is a document which starts a court action. The summons generall...

survey - A measurement of land which shows a property's boundaries, elevations, im...

suspensive conditions - A condition in the contract of sale to the effect that the contract will ...

take one - take all - A method of sale by auction whereby the successful high bidder wins the r...

tax lien - A legal claim against a real estate property for taxes that are unpaid. ...

term - The time frame from the beginning date on a loan contract to the full rep...

testator - Testator refers to a male person who made a will, or is in the process of...

testatrix - Testatrix refers to a female person who made a will, or is in the process...

title - Title is a legal term that describes the ownership of immovable property....

title deed - A document in the deeds office records, prepared by a conveyancer, reflec...

title search - Inspection of the title deeds for a propert, to make certain that the sel...

townhouse - A general term for either a simplex or a duplex. ...

transfer - Transfer is the process of changing ownership of a property. Ownership of...

transfer date - The date on which the sale of a property is actually finalized and a home...

transfer duty - Transfer duty is a tax, payable to the Receiver of Revenue, for the trans...

transfer duty - The tax levied on the transfer of land (immovable property) in South Afri...

transferring attorney - An attorney who attends to the registration and transfer of immovable pro...

trust - A trust is a legal structure whereby assets ( such as a house, money, sha...

trust account - Attorneys and estate agents are both obliged by their governing bodies to...

trust money - Money entrusted to an attorney or estate agent to keep in a trust account...

trustee - A trustee is someone who is entrusted with the management and administra...

underwriting - The process of evaluating a loan application to determine the risk involv...

unit - A unit, for the purposes of sectional title schemes, includes BOTH the s...

unrehabilitated insolvent - An insolvent whose estate is controlled in terms of the Insolvency Act 24...

vacant - Empty ...

valuation - A valuation is a process whereby a qualified valuer estimates the value o...

value added tax - Value added tax is a tax levied on the addition of a value, over and abov...

variable-rate mortgage - A mortgage loan in which the interest rate may increase or decrease at sp...

vendors roll - The document which is used to record the buyer's number and price bid at ...

verification of deposit - Written verification of the borrower's account balance and history, provi...

verification of employment - Written verification of borrower's position and salary provided by the bo...

verification of mortgage - Written verification of borrower's mortgage history for a period of no le...

verification of rent - Written verification of borrower's rental history for a period of no less...

voetstoots - 'Voetstoots' is an Afrikaans term, which means roughly the same as 'As-is...

waiver - A waiver is a document whereby an individual voluntarily surrenders or re...

walk-through - A walk-through is the final inspection of a home, before final transfer ...

zoning - Zoning limits the purpose for which a property may be used. Immovable pro...