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Key Glossary of terms for Property Acquisition part 1
By arlene | August 28, 2008
Addendum
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. No matter what the parties have agreed to verbally, no contract exists until an agreement of sale is completed and signed by both parties. Also known as an Offer to Purchase.
Assessment fee
Fee levied by the bank for the administration work that accompanies a property assessment.
Bond costs
These are the conveyance fees, deeds office fee and VAT. These are payable by the buyer to the conveyancer (attorney) attending to the registration of the bond on behalf of the bank. Conveyance fees are calculated on a sliding scale based on the amount of the registered bond.
Breach clause
A condition in a contract obliging a seller to give a defaulting buyer written notice to remedy his breach of contract within a specific period (usually seven days) before he can cancel the sale.
Building loan
A home loan approved for building a house.
Conveyancer
The attorney responsible for transferring the property from the seller’s name, onto the name of the purchaser.
Cooling-off clause
A clause is included in an offer to purchase a property under R250 000. It is a statutory right, recorded in Section 29A of the Alienation of Land Act. It gives a buyer of a residential property with a purchase price of R250 000 or less the right to withdraw from the sale within five days of signing the offer.
Deeds office
This government department attends to the registration of transfer of property from the seller’s name to the purchaser’s name.
Deposit
The amount a purchaser contributes towards the purchase of a property.
Electrical compliance certificate
Certificate issued by a qualified electrician confirming that the electrical installation of the property complies with local by-laws. Every buyer has to be in possession of one once he takes transfer of ownership. It is the responsibility of the seller to arrange such a certificate.
Escape clause
A condition in a sales contract giving the seller the right to cancel it if he obtains a better offer from another purchaser. It is usually inserted when the first buyer is given time to sell his own property first.
Fixed interest rate
The interest rate of a home loan fixed for a specified period. Fixtures and fittings
These are attachments to a home which are deemed to permanently belong in it. These could include (amongst others) light fittings, curtain rails, TV aerials and eye-level ovens and may not be removed by the seller when he vacates the property.
Freehold
The property as well as the land it is built on, is owned by the purchaser.
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Topics: Contract, Department, Land, Property, Residential, Sale |
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