 Agency Fees?
Bridging Loan?
Credit Checks?
Deed?
Deposit?
Detached Property?
Estate Agent?
Fixtures and Fittings?
Joint Tenancy?
Land or Charge Certificate?
Property Reports?
Redemption?
Survey?
Title Register?
Valuation?
Agency Fees?
This is the fee charged by the estate agent for selling your property. This is generally negotiable
Bridging Loan?
This type of loan serves to cover the purchase of a new home while you are busy selling your current property and have not yet received the proceeds from the sale. It is a short term loan.
Credit Checks?
When you borrow money or you are looking for some type of credit, a check is carried out to determine your credit history and if you are a high risk or not. It checks if you owe money to other lenders or if you have defaulted on payment to various creditors you may have.
Deed?
The deed consists of the legal documentation that proves the ownership of a property. It outlines everything that affects the property. If there is a bond on the property, the deed is generally held by the lender.
Deposit?
A deposit is generally put down when purchasing a property, generally somewhere between 5 – 20% of the sale price. Sometimes loans can cover 100% of the value of the property and sometimes even more than 100% in the case of First Home Loans
Detached Property?
A Detached property is a free standing property, not attached to any other property on the sides.
Estate Agent?
This is the person/entity appointed to sell a property on behalf of the property owner. Estate agents are generally used as they are generally better able to secure a good price and find many potential buyers for your property. The estate agent will charge a commission for this work.
Fixtures and Fittings?
Carpets, radiators, light switches etc are part of fixtures and fittings. It makes sense to clearly state what will be left in a property when it is bought or sold.
Joint Tenancy??
This mean two or more people own a property together. Appropriate agreements must be drawn up between the joint owners in the case of divorce, death or other circumstances affecting the joint ownership.
Land or Charge Certificate?
Land or Charge certificate is a copy of the property entry in the land registry database.
Property Reports?
Property results show the results of the investigation of the title deeds. Results from searches carried out relating to your property and details of your bond are shown in these reports.
Redemption?
Redemption means that when you as the borrower have repaid the entire loan, the property is legally yours and the lender has no further claim to it. If you pay off the loan before the agreed period of time you may have to pay a redemption penalty to compensate the lender for the loss of interest payments.
Survey?
This is a check up of the condition of the property.
Title Register?
The Title Register is the government department that registers all land transactions and related details in South Africa.
Valuation?
A valuation is usually carried out by an estate agent in order to estimate the market value of your property.
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