Different Housing Acquisition Options

Vocabulary flashcards covering key concepts, property types, legal considerations, and ownership obligations from the lecture on housing acquisition options.

Full-title ownership

A form of property ownership where the buyer becomes the legal owner of the entire property, including the land or plot and all structures on it.

Sectional-title ownership

A system in which individual units or sections of a building are owned separately, while common property and facilities are shared among all owners.

Cluster house

A freestanding property within a development that is individually owned under full-title ownership, where no levy is paid.

Body corporate

The collective governing body comprising all unit owners in a sectional-title scheme, responsible for conducting the day-to-day administration and running of the complex.

Monthly levy

A required monthly payment made by sectional-title owners to the body corporate to pay for common area maintenance, insurance, rates and taxes, staff salaries, and shared utilities.

Common property

Shared areas and facilities in a sectional-title complex, such as lifts, passages, stairways, gardens, and swimming pools, co-owned by all sectional-title holders.

Sectional-title register

A formal register that must be opened before sectional-title units can be transferred to individual owners.

Bond repayment

A long-term financial commitment involving monthly mortgage payments to repay a bank loan taken to purchase a property.

Capital gains tax

A tax levied on the profit realized by a property owner when selling a property.

Voetstoots

A legal condition in property sales indicating the property is sold 'as is', cautioning buyers to thoroughly inspect for defects prior to purchasing.

Full-title owner responsibilities

The obligations of a full-title property owner to maintain the property, handle repairs, manage safety and security, and pay for municipal rates, water, electricity, sewerage, and refuse removal.

Sectional-title exterior alterations

Changes made to the exterior of a sectional-title property that require mandatory permission from both the body corporate and the local municipality.