25 May Understanding Conveyancing Terminology
FAQs about Conveyancing Terminology
Develop an understanding of common conveyancing terminology to guide you through your property transaction.
What is an Attorney?
An attorney is a person who is admitted by the High Court as an attorney and practices law.
What is a Conveyancer?
A conveyancer is an attorney who passed an additional exam. He or she is admitted by the High Court as a conveyancer and specialises in property law.
The Transferring Attorney
The competence and experience of the transferring attorney you choose to facilitate the sale of your property is a significant factor in a successful transfer.
As a property seller, it is your right to elect the conveyancer who will attend to your property transfer. It is advisable to appoint an experienced and reputable law firm that focuses on property law. This will ensure your matter is given the time and attention required to facilitate the transfer timeously.
Under the guidelines of the PPA, estate agencies and agents are prohibited from marketing the services of specific transferring attorneys. In the event that an estate agent recommends AWD Law, we would like to assure you that we do not have any formal arrangements with estate agents or agencies and that the dual interests of the seller and purchaser will be protected at all times.
Contract terms
What is an Offer to purchase (OTP)?
The Offer to Purchase is a written offer that the purchaser makes to the seller, to buy your property. It specifies all the purchaser’s conditions relating to purchasing the property. We recommend that all of our clients obtain professional property advice, before signing their Offer to Purchase.
What is the Purchase agreement?
Once a seller accepts the Offer to Purchase (OTP) in writing, it becomes the purchase agreement. This is also known as a ‘deed of sale’. It is essential that you understand and agree with the content of an Offer to Purchase before you sign it.
If you are unsure about any of the conveyancing terminology used on this page, please contact andre@awdlaw.co.za
Estate Agency terms
What is an Estate agent’s role?
An estate agent is a natural person instructed and authorised to market your property, advising on all aspects of the transaction to facilitate the successful sale of your property.
What is an Estate agency?
The estate agency is the business the estate agent works for. Estate agents may also be referred to as business property practitioners.
What is the Property Practitioners Act: Act 22 of 2019 (PPA)?
The Property Practitioners Act: Act 22 of 2019 (PPA) is legislation regulating the Property Practitioner industry since 1 February 2022.
What is a Property Practitioner?
Property practitioners may be various role players in the property sector, as defined by the PPA. An estate agent falls within this description.
What is the Property Practitioners Regulatory Authority (PPRA)?
The Property Practitioners Regulatory Authority (PPRA) is the Property Practitioners’ governing body. This is also the statutory body that will facilitate disputes between Property Practitioners and the public.
What is a Fidelity Fund Certificate (FFC)?
A Fidelity Fund Certificate is a certificate issued by the PPRA to every estate agent and estate agency. It certifies they comply with all legal and training requirements set by the PPRA. Every estate agent and agency must hold a valid FFC to operate as such. It is your right as a seller to request the agent’s FFC for verification purposes. If an estate agent does not hold a valid FFC, you should not do business with him/her.
Code of Conduct: Legislation that requires certain practical and ethical standards from Property Practitioners. An abridged version of the code of conduct can be found on our website.
Registration
Registration is an administrative act that takes place at the deeds office. The following transactions, where applicable, are registered simultaneously on a specific date at the deeds office: Transfer, Bond registration, and Bond cancellation.
Kindly be advised that AWD Law does not enter into litigation on behalf of clients. Our conveyancers specialise exclusively in the development of vacant land, property transfers, bond registrations, administration of deceased estates and notarial practice. Should you require assistance with a litigation, kindly contact The Legal Practice Council.
Contact AWD Law For Professional Property Advice before signing your Offer to Purchase.
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