MID-Service Property

Rent-to-Own Terms & Conditions

Republic of South Africa

Eligibility Requirements

  • Be 18 years or older.
  • Possess a valid South African ID or Passport.
  • Provide proof of income or affordability.
  • Submit proof of residence.
  • Disclose all existing debt obligations.
  • Pass the Company's affordability and credit assessment process.

Property Selection

  • The Client may identify an existing property or vacant stand for development.
  • The Company reserves the right to assess and approve the selected property.
  • Property valuation and verification may be conducted before approval.
  • The Company may reject properties deemed unsuitable or overvalued.

Rent-to-Own Structure

  • The Client occupies the property as a tenant while working toward ownership.
  • A portion of the monthly payment may be allocated toward the future purchase price.
  • Ownership transfer only occurs once all contractual obligations are fulfilled.
  • The agreed purchase price is recorded in the signed agreement.
  • The Company retains ownership until full settlement or approved transfer.

Monthly Payments

  • Monthly instalments must be paid on or before the due date.
  • Payments must be made into the official bank account nominated by MID-Service Property Funding.
  • Late payments may attract penalties, administration fees, or interest.
  • Failure to pay for more than 90 days may constitute breach of contract.
  • Client remains responsible for payment even during disputes unless agreed in writing.

Deposit & Administration Fees

  • The Company may require a deposit before occupation.
  • Administration, legal, valuation, registration and processing fees may apply.
  • All fees payable shall be disclosed before signing.
  • Certain fees may be non-refundable.

Municipal Accounts & Maintenance

  • The Client may be responsible for water, electricity, refuse, sewerage and municipal charges.
  • The Client shall keep the property clean and properly maintained.
  • Structural repairs remain the Company's responsibility unless damage caused by the Client.
  • Alterations or renovations require written approval.

Credit Approval

  • Approval is subject to affordability and risk assessment.
  • Additional documentation may be requested at any stage.
  • False information may result in cancellation.
  • Approval remains at the sole discretion of MID-Service Property Funding.

Option to Purchase

  • The Client may exercise the option to purchase after satisfying all conditions.
  • Transfer of ownership takes place after all obligations are fulfilled.
  • Transfer costs, legal fees and registration costs may be payable by the Client.
  • The Company may withhold transfer where the Client is in breach.

Default and Breach

  • Failure to make payments.
  • Damage to the property.
  • Illegal activities on the property.
  • Providing fraudulent information.
  • Unauthorized subletting.
  • In breach: written notice issued; opportunity to remedy; eviction in accordance with SA law; amounts paid may be forfeited subject to applicable laws.

Cancellation

  • Either party may cancel the agreement in writing subject to the signed terms.
  • Cancellation by the Client may result in penalties or forfeiture.
  • Refunds, if applicable, processed within a reasonable period.
  • The Client shall vacate the property upon lawful cancellation.

Legal Compliance

  • Governed by the laws of the Republic of South Africa.
  • Both parties comply with the Consumer Protection Act, National Credit Act, Housing Act and other applicable legislation.
  • Disputes addressed through negotiation first.

Confidentiality

  • Client information treated confidentially.
  • Personal information processed in accordance with POPIA.
  • Information may be shared with legal, financial or credit institutions where necessary.

General Conditions

  • No verbal agreement shall override the written agreement.
  • Amendments must be made in writing and signed by both parties.
  • Failure to enforce any clause shall not constitute waiver.
  • The agreement constitutes the full understanding between the parties.

MID-Service Property Funding reserves the right to approve or decline any application.