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Key Glossary of terms for Property Acquisition part 2
By arlene | August 28, 2008
Guarantees
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.
Interest
The cost for using the bank’s money to purchase a home. A fixed amount of extra money that you pay back when you borrow money, or that you receive when you invest money.
Interest rate
A fixed amount of extra money that you pay back when you borrow money or that you receive when you invest money.
Jurisdiction
Most sale agreements contain a clause providing that, should either party take the other to court for any alleged default, he may do so in a Magistrates Court, even though the amount in dispute may exceed its normal jurisdiction.
Latent defect
A fault or flaw that is not immediately detectable, or is hidden from view on inspection of the property.
Leasehold
The township developer or local authority owns the property but grants leasehold rights.
Levy
This is the owner’s proportionate share of the monthly costs incurred by the complex.
Lodgement
This is when bond documents are presented at the deeds office for checking by officials before registration of the bond.
Loan to value
This is the percentage the bank is willing to lend a purchaser, expressed as a percentage of the bank’s estimated value of the property and the loan amount required.
Mandate
The agreement in which the seller grants the estate agent the right to market a property. A “Sole Mandate” means that only the specifically appointed agent (and his agency) may market the property.
Mortgage bond
An agreement between the Purchaser and the bank, stating that the bank will lend a certain amount of money in the form of a home loan, and that the purchaser will repay the money to the bank over a certain period, on a monthly basis and at a certain interest rate.
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Topics: Agent, Form, Investment, Market, Property, Sale |
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