Property terminology

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    Commercial property

    A property used for business or office purpose, not for residential purpose.

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    Conveyancer

    An attorney who is qualified to attend to deeds office transactions. Deeds office transactions involve the transfer of a property from a seller to a purchaser, or the registration of mortgage bonds and servitudes.

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    Domicile

    The place where a person is permanenty resident.

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    Huur Gaat Voor Koop

    Huur Gaat Voor Koop means ‘Lease goes before sale’. Where leased premises are sold before the lease has expired, the tenant may in terms of the 'huur gaat voor koop' rule remain in occupation of the premises until the lease expires. In the case of a long lease (ie a lease for a period of 10 years or longer), this applies only if the lease is in writing and registered against the title deed of the leased premises, or if the purchaser at the time of conclusion of the sale knew that the lease was a long lease.

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    Industrial property

    Property used for industrial purposes, for instance factory premises.

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    Mandate

    A mandate is an instruction or authority given to an estate agent to offer a particular property agency service, sell a property..

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    Null and void

    Without any legal effect. An agreement of sale or lease which is null and void is not valid in any respect and cannot be enforced by either party.

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    Resolutive condition

    A clause in an agreement of sale or lease which states that the agreement will terminate on the occurrence of an event specified in the agreement. An example of a resolutive condition is a condition in an agreement of sale of a proposed sectional title unit. Often those agreements state that the agreement will terminate if the sectional title plan is not registered before or on a certain date.

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    Right of pre-emption

    'Right of pre-emption' or the 'right of first refusal' is the contractual right entitling a person to make the first offer to buy a specific property.
    This right is often added to lease agreements. Should the lessor wish to sell the property, the lessee has a right of pre-emption to purchase it.

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    Title deed

    A document filed which in a deeds office. A title deed includes details of a property and its owner. This official document serves as legal proof that a person is the owner of a defined property. If other persons have rights over the property (e.g. where a financial institution holds a mortgage bond over the land), details thereof are also recorded on the title deed.

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    Voetstoot

    This little Afrikaans word mean ‘as is’. If a voetstoot clause is included in an agreement of sale of immovable property, the seller cannot be held liable for latent defects in the property, ie. defects which are not visible upon a reasonable inspection of the property, such as a leaking roof. A voetstoots clause does not, however, protect a seller if he knows about a latent defect but fails to disclose it in order to defraud the purchaser.

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    Zoning

    Zoning limits the purpose for which a property may be used, eg. residential, commercial, industrial, educational, etc.


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