THE TRANSFER DICTIONARY

Interested in buying or selling a property? Here is what you need to know!

Property Law and Conveyancing Glossary of Terms

“O U R V I S I O N R E F L E C T S O U R V A L U E S : I N T E G R I T Y , D E P E N D A B I L I T Y , E F F I C I E N C Y A N D L O Y A L T Y.”

Here are a few items you need to familiarize yourself with then looking at buying or selling a property

Explanations of Transfer Dictionary

BOND CANCELLATION ATTORNEY: The attorney

appointed by the bank to attend the cancellation of

the bond registered over the immovable property.

BOND HOLDER: The Bank/person/entity in

favor of which the seller’s property’s bond is

registered.

BOND ORIGINATOR: A consultant that assists the

purchaser to obtain a bond from a bank.

BOND REGISTRATION ATTORNEY: The attorney

appointed by the financial institution at whom

the purchaser obtained a bond.

DEEDS OFFICE: Office where the transfer

of immovable property is affected.

ECC / GCC: Electrical/Gas Compliance

Certificate – Certificate confirming that the

electrical/gas in respect of the immovable

property complies with electrical/gas standards.

GUARANTEES: Confirmation from bank

that the bond amount will be paid on

registration.

LODGE: When all transfer documents are

delivered to the Deeds Office.

OFFER TO PURCHASE: Written agreement

whereby purchaser buys sellers property.

REGISTRATION: When transfer of property

from seller to purchaser takes place.

TRANSFER DUTY: A tax levied by SARS on the

purchase price of properties above

R 1 000 000.00.

TRANSFERRING ATTORNEY: The attorney

appointed by the seller to attend to the transfer

of the immovable property.