Being a first time home buyer or selling your property can be confusing. To top all of this many abbreviations are used.
Here is a helpful list of abbreviations to assist you.
- D/G - Double Garage
- T/R - Tiled Roof
- S/Q - Servants Quarters
- FL - Flat
- Bic - Built-in-cupboards
- E/F - Electric Fence
- C/P - Carport
- OTP - Offer To Purchase
- MES - Main-en-suite bathroom
- DS - Double Storey
- PIP - Property In Possession (repossessed property)
- SAPTG - South African Property Transfer Guide
- C.O.C - Certificate Of Compliance
These are some of the more commonly used abbreviations.
Furthermore, there are different types of property on the market:
This would denote property which has been subdivided to form a cluster of homes which is referred to as town houses. There also are free standing town houses or cluster homes which are located within a complex. These can be either governed by Sectional Title or Full Title rules. Simplex town houses refer to a property which is in a sectional title development constructed on a single level. Duplex refers to property which is stacked one above the other and is also sectional title. Flats, in other words also form part of sectional title developments.
Full Title or Free Standing Property
Full title property generally refers to property which is not subdivided. There is no body corporate which determines use of the property. It is thus a regular residential house with its own address and post box.
This refers to property which is not a farm that is cultivated or used exclusively for agricultural use. It is like a mixed use property. It is property which caters for single family homes on land which is larger than residential property but smaller than a farm. A property is classified as a small holding up until 20ha in size.
It is self explanatory. It is a small holding, sectional title, farm or residential property which has not been developed. What this means is that a house or improvements have not been constructed on the land.