« Key Glossary of terms for Property Acquisition part 3 | Main | Maintain the value of your Property Investment »
Key Glossary of terms for Property Acquisition part 4
By arlene | August 28, 2008
Sectional 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.
Subject-to sale
An expression used by estate agents to describe a sale contract which will only become unconditional between the parties if and when the buyer sells his own property.
Suspensive condition
A provision in a contract suspending its operation until a specific condition is fulfilled. A clause stating that the sale will only be confirmed if a mortgage loan is granted is a typical suspensive condition.
Title deed
A legal document, registered at the Deeds Office as proof of ownership of property.
Transfer fees
These comprise transfer duty, conveyance fees and VAT. Transfer duty is a tax levied by the government on the purchase of immovable property and is calculated on the purchase price.
Valuator
Or Assessor. The person appointed by the bank to determine the value of the property being purchased.
Variable interest rate
The official interest rate charged by the bank fluctuates according to the repo rate (as determined by the Reserve Bank).
Voetstoots
A Dutch expression meaning that a property is bought “as is” with all its patent and latent defects. This clause is always found in a sale document, and therefore: “let the buyer beware”. All defects must be mentioned to the buyer upfront. If there are any defects in the property of which the seller was unaware, the buyer will acquire the property with such defects.
Zoning
The local authority determines the purpose for which a property may be used, for example, residential or business.
Possibly related posts: (automatically generated)
Key Glossary of terms for Property Acquisition part 4
- Key Glossary of terms for Property Acquisition part 1
- Key Glossary of terms for Property Acquisition part 2
- Sole Selling Mandates Part 1
- How to get paid
- Key Glossary of terms for Property Acquisition part 3
- It's Never Fool-Proof
- More Private Financing Techniques (1-2)
- The Facts about estate agent
- Interesting decisions
- Housing Development Schemes for Retired Persons Part 3
Topics: Agent, Contract, Market, Property, Residential, Sale |
August 28th, 2008 at 6:17 am
To receive property alerts for properties in this area, simply title this search and press the link to save the details. … Arrange Sale
August 28th, 2008 at 6:54 am
The index covers the wills, bequests, grants of administration, decent of property, identity claims and other testamentary disputes tried in the Chancery Court in London. … Property of the Week
August 28th, 2008 at 7:31 am
The book is a practical, straightforward explanation of Kentucky real estate law relating to real property ownership and real estate transactions. … Estate Law
September 19th, 2008 at 4:29 pm
With heavy-duty metal stand and a Proof Brochure Dispenser, so that you can provide potential buyers with property information flyers. … Estate Binder
September 22nd, 2008 at 6:33 pm
About 365, 000 enlisted personnel and officers must be recruited each year to replace those who complete their commitment or retire. … Estate Office