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Home loan terms explained

A  |  B   C   D   E   F     H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z

 

C

Cancellation attorney:

This is the attorney who cancels the seller’s bond, if the house has not yet been paid off.

 

D

Deeds office:

The Deeds Office registers, maintains and manages the property registry in South Africa.

 

F

FICA:

The South African Reserve Bank introduced the Financial Intelligence Centre Act, No. 38 of 2001, to fight money laundering and the financing of terrorism. Customers must provide proof of physical address and their green barcoded ID or Smart ID card to verify their details.

 

R

Registration attorney:

This is the attorney who handles the documentation for registering a bond with a financial institution such as the bank. If you buy your property cash, you will not need a bond registration attorney.

 

T

Title deed:

This is a document that is prepared in the deeds office and states that you are the owner of your home.

 

Transfer attorney:

This is the attorney who handles the process of transferring the property from the seller’s name to your name. All property sales require this process. 

 

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Revision #:
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Last update:
‎31-01-2018 01:55 PM
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