Archive for August 28th, 2008
Key Glossary of terms for Property Acquisition part 4
Thursday, August 28th, 2008Sectional title
This is an entire complex (flats and townhouses) divided into individual units which are then sold separately
Sole mandate
A signed agreement between the seller and the estate agent to market a property exclusively. Once the agent is allowed to market the property, he has sole rights.
Key Glossary of terms for Property Acquisition part 3
Thursday, August 28th, 2008NHBRC
The National Home Builders Registration Council ensures that builders extend their commitment to customers by providing a five-year warranty.
Null and void
A legal expression emphasising a final cancellation or lapse of a sales agreement. It puts both parties in the position they were in before the agreement was signed and leaves each without any obligation to [...]
Key Glossary of terms for Property Acquisition part 2
Thursday, August 28th, 2008Guarantees
Written undertakings issued by registered banks guaranteeing payment of part or all of the purchase price on registration of transfer. Guarantees are furnished to the transferring attorney.
Installment amount (Monthly repayment)
This is the basic monthly installment amount payable on the home loan, excluding insurance or assurance premiums, where applicable.
Key Glossary of terms for Property Acquisition part 1
Thursday, August 28th, 2008Addendum
A supplementary agreement to an original “Offer to Purchase” covering points agreed to afterwards. It is a separate agreement in its own right and, if it contradicts the original in any way, it is presumed to overrule it.
Agreement of sale (offer to Purchase)
The basic contract of sale and purchase between a willing seller and buyer. [...]
