Interested in buying or selling a property? Here is what you need to know!
Property Law and Conveyancing Glossary of Terms
“O U R V I S I O N R E F L E C T S O U R V A L U E S : I N T E G R I T Y , D E P E N D A B I L I T Y , E F F I C I E N C Y A N D L O Y A L T Y.”
Here are a few items you need to familiarize yourself with then looking at buying or selling a property
Explanations of Transfer Dictionary
BOND CANCELLATION ATTORNEY: The attorney
appointed by the bank to attend the cancellation of
the bond registered over the immovable property.
BOND HOLDER: The Bank/person/entity in
favor of which the seller’s property’s bond is
registered.
BOND ORIGINATOR: A consultant that assists the
purchaser to obtain a bond from a bank.
BOND REGISTRATION ATTORNEY: The attorney
appointed by the financial institution at whom
the purchaser obtained a bond.
DEEDS OFFICE: Office where the transfer
of immovable property is affected.
ECC / GCC: Electrical/Gas Compliance
Certificate – Certificate confirming that the
electrical/gas in respect of the immovable
property complies with electrical/gas standards.
GUARANTEES: Confirmation from bank
that the bond amount will be paid on
registration.
LODGE: When all transfer documents are
delivered to the Deeds Office.
OFFER TO PURCHASE: Written agreement
whereby purchaser buys sellers property.
REGISTRATION: When transfer of property
from seller to purchaser takes place.
TRANSFER DUTY: A tax levied by SARS on the
purchase price of properties above
R 1 000 000.00.
TRANSFERRING ATTORNEY: The attorney
appointed by the seller to attend to the transfer
of the immovable property.
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