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Electrical Compliance Certificate
Certificate issued by a qualified electrician and registered with the local authority, verifying that installation complies with the by-laws. The cost of the certificate and any electrical repairs that need to be made are for the sellers account and is required by law for the property to be transferred to the buyer’s name.

Electric Fence Compliance Certificate
A Certificate of Compliance in respect of the Property, in terms of the Electric Fence System under the Occupational Health and Safety Act, issued by an electrical contractor who is registered in terms of the Regulations. The cost of the certificate and any repairs that need to be made are for the sellers account and is required by law for the property to be transferred to the buyer’s name. Furthermore, Insurance claims may be declined in the event that this certificate is not held.

Encumbrance
Any right, interest or other claim against land, which is registered on the title deed of the relevant property which affects the title rights of the property such as the owner’s ability to sell the property.

Endorsement
In respect of title deeds, this refers to a note made on the title deed of a property by the Registrar of Deeds.

Entomologist Certificate
A certificate to be obtained by law before transfer of a property can take place confirming that its structure is free of wood borer or termite infestation.

Equity
The difference between the outstanding bond amount and the market value of the property. Positive equity means that the current market value of the property is more than the outstanding bond amount. Negative equity means that the outstanding bond amount is more than the market value of the property.

Equity Loan
A loan granted based on the significant equity contained in the mortgaged property. The creditworthiness of the borrower is not the major determining factor in the granting of the loan.

Escalation Rate
The rate by which a rental is hiked once a year in terms of a lease. The ruling market escalation rate can be seen as an attempt by the market to forecast the growth in market rentals over the duration of the lease, but this attempt is obviously rarely successful. Thus it is important to differentiate between an escalated rental and a market rental.
Related Topic: Basic Rental, Gross Lease, Huur Gaat Voor Koop, Lease, Lease with Option to Purchase, Leasehold, Long Lease, Natural Vacancy Rate, Net Lease, Notarial Deed of Lease, Occupation, Percentage Lease, Renewal Option, Rental Types, Rent-Free Period, Resolutive Condition, Right of Pre-Emption, Sale & Leaseback, Triple Net Lease, Turnover Rental.

Escape Clause
Also known as a Ratification Clause. A condition in an Offer to Purchase giving the seller the right to cancel it if a higher offer is obtained.

Estate
Assets own in a personal capacity such us a house, a car, furniture, clothing, investments, etc. When a person dies, all their assets and liabilities will be placed in their deceased estate, which is administered by an executor.

Estate Agent
A professional in an estate agency, bringing buyers and sellers together and assisting in negotiating property sale and lease contracts. In terms of Law, an Estate Agent requires a Fidelity Fund Certificate from The Estate Agencies Affairs Board in order to receive fees on transactions.

Estate Duty
Taxes payable on the value of assets in a deceased estate.

Eviction
A court order authorising the forced removal of occupants from a property, commonly referred to the removal of a tenant.

Execution Sale
A sale of property under execution by a court.

Exposure
The degree to which an investor is geared financially. An investor with a relatively high exposure to debt will carry a higher risk profile and might not obtain finance easily.

Expropriation
The procedure in terms of which a property is taken over, usually by local authorities, for specific purposes in the public interest. Compensation must be paid as provided for in terms of the Expropriation Act 63 of 1975.

 
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