The most common Property terms used in the industry: |
| Alientate |
| The Alienation of Land Act 68 of 1981 governs the
alienation of immovable property. In terms of this Act
‘alienate’ means ‘sell, exchange or
donate’. |
| Arbitration |
| Procedure whereby parties to a dispute appoint an
arbitrator to settle the dispute. The arbitrator’s
decision is final and the parties are bound by it. |
| Arbitration
Tribunal |
| Body (or even a single person) appointed to settle
a dispute by way of arbitration. |
| Auction |
| Method of selling a property to a person who makes
the highest bid. The person conducting an auction is
called auctioneer. |
| Auditor |
| A person registered in terms of the Public Accountants
and Auditors Act 51 of 1951 and whose function in an
estate agency context is to ascertain whether or not
an estate agent’s trust account has been properly
managed. |
| Bank |
| A financial institution registered in terms of the
Bank Act 94 of 1990. Home loan finance is a major part
of a bank’s business. |
| Board |
| The Estate Agency Affairs Board. |
| Body
Corporate |
| The controlling body of a sectional title scheme. |
| Bond |
| See ‘Mortgage bond’. |
| Bondholder |
| Also known as a Mortgagee - see ‘Mortgagee’. |
| Building Society |
Building societies used to be financial institutions
registered in terms of the Building Societies Act 24
of 1965, and were then the main source of finance for
home loans. All but two building societies were
later converted into banks.
The Building Societies Act (later renamed the Mutual
Building Societies Act) was finally repealed in 1993,
and the two remaining building societies were then converted
into mutual
banks registered in terms of the Mutual Banks Act 124
of 1993.
Strictly speaking, therefore, there are no longer any
‘building societies’ in South Africa; only
banks registered in terms of the Banks Act 1990, and
mutual banks registered in terms of the Mutual Banks
Act 1993. The expression ‘building society’
is however, still commonly used in practice and refers
generally to a financial institution that can be approached
for home loan finance. |
| Canvassing |
(1) Canvassing sellers: procedure whereby an estate
agent contacts property owners for a mandate to sell
their properties.
(2) Canvassing purchasers: procedure whereby an estate
agent enquire from a person whether he wishes to buy
property, or a particular property. |
| Client |
| The person who has given an estate agent a mandate
to render an estate agency service for him. |
| Close Corporation |
| A business entity registered in terms of the Close
Corporations Act 69 of 1984. It may conclude agreements
of sale or leases in it’s own name. |
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