1. The property shall be sold on an “As-Is, Where-Is” basis. It is, thus, incumbent upon the offeror to make the necessary investigation, inspection, and verification of the property for sale to ascertain its actual condition and the status of the title to the property before making an offer.

The conditions covered under this provision include, but are not limited to the following:

a. Presence of informal settlers;

b. Property is still inhabited by previous owner;

c. Property is landlocked;

d. Property is under dispute or with pending case;

e. Property is located in an area with risk of flooding, within earthquake fault zone and even seismic hazard zone; and

f. Existing easements.

2. The buyer shall be responsible at his own expense for the ejectment of squatters and/or occupants, if any, on the property subject of sale.

3. Any and all claims and liens currently annotated on the title, assessments, liabilities and/or damages whatsoever arising from any claim, suit or litigation involving the property shall solely be assumed and borne by the buyer, accruing from the date of his receipt of the Notice of Approval (NOA).

4. The Bank does not warrant (implied, express or otherwise), that the property conforms precisely to the description indicated in the published list of Properties for Sale.

5. The Bank reserves the right to withdraw any or all of the properties offered for sale at any time before receipt of offer.

6. For property with title/tax declaration (TD) that is not yet in the name of Bank, the buyer shall undertake all activities in order to cause the transfer of the title/TD from the registered owner and assume the payment of all taxes and other charges and expenses necessary or incidental in effecting the transfer of the title/TD in the name of the buyer.

7. Offers to purchase Bank properties are subject to Bank approval of the Bank Management.

1. The selling price of the properties available for sale shall be published at the Seller or Bank website.

2. The published selling price of the Bank properties is subject to change without prior notice to conform to the current fair value of the property and the Seller has the discretion to accept or reject an offer already received based on an earlier published selling price.

1. The basic terms and conditions of the sale are as follows:

CASH Payment Terms:

• • Deposit - At least 20% to 30% of the offer price

  • Payment Period - Full payment shall be made within 30 calendar days from the date of receipt of the NOA.

  • Interest Rate - None

  • Pls, note property less than Php 500,000 are cash payment basis only. (subject to bank approval if applicable for installment.)

INSTALLMENT Payment Terms:

• • Deposit - At least 20% to 30% of the offer price

  • Payment Period - The balance may be payable monthly, quarterly, semestral, or annually for a maximum period of 3 to 10 years (subject to bank approval), subject to fixed interest. The first installment shall be made 30 days from receipt of the NOA. The buyer has the option to pay the account earlier than the term approved.

  • Interest Rate - Based on Bank’s prevailing lending rate, as confirmed by the Bank Management.

  • Pls, note property less than Php 500,000 are cash payment basis only. (subject to bank approval if applicable for installment.)

2. The acceptance of the deposit shall not bind the Bank to the offer until after receipt by the offeror of the Bank NOA.

3. The deposit may be in the form of cash or manager’s/cashier’s check payable to the “Bank Check Payee”.

4. The Bank may also accept payments through:

a. Availment of a housing loan or bank loan, provided that the Deed of Absolute Sale shall be executed and the title released only upon receipt by the Bank of the document evidencing payment guarantee issued by the Bank or the lender bank. However, this mode of payment shall only be applicable to installment sale transactions covering classified properties.

5. Any request for a change of payment term from cash to installment sale, even if submitted within 30 days from receipt of NOA, shall not be allowed.

1. Offers will be accepted on a “first-come, first-served” basis. However, offers received for the same property within the same day shall be evaluated to determine the best offer. Receipt of a non-compliant offer (i.e., incomplete documentary requirements and deposit), based on the documentary checklist provided under Section V shall not preclude Bank to accept other offers nor cause the removal of the property from the List of Properties Available for Sale. This shall be acknowledged by the offeror by accomplishing a Checklist of Documentary Requirements Form.

2. The Bank reserves the right to reject any or all offers, as well as to waive any defect or infirmity in the Negotiated Offer to Purchase, to accept such offers as may be considered most advantageous to the Bank, and to conduct a re-auction of the property subject of an offer. Failure to comply with any of the terms and conditions mentioned herein may cause the rejection of the offer.

1. The offeror shall pay a deposit of at least 20% of the offer price, and submit the following accomplished documents:

a. Buyer’s Information Sheet;

b. Negotiated Offer to Purchase Form; and

c. Negotiated Sale Rules and Procedures, signed on all pages, together with the documents listed in the Buyer’s Information Sheet, as follows:

c.1. For individual offerors –

i. Original copy of the Certificate of Employment and pay slip for the last three months or current employment contract and proof/s of other income or source of funds, if any;

ii. Photocopy of any Government Issued ID & BIR TIN; and,

iii. Special Power of Attorney (SPA) executed by the offeror if represented by another individual.

c.2. For duly registered single proprietorship –

i. Photocopy of the Department of Trade and Industry registration;

ii. Photocopy of Mayor’s Business Permit for the current year;

iii. Photocopy of Income Tax Return for the last three years or financial statements for the last two years if with comparative period or three years if without comparative period and proof/s of other income or source of funds, if any; and iv. SPA if the proprietor is represented by another individual.

c.3. For duly registered corporations and other juridical entities –

i. Photocopy of the Securities & Exchange Commission registration;

ii. Photocopy of Mayor’s Business Permit for the current year;

iii. Photocopy of Articles of Partnership or Incorporation, as the case may be;

iv. Photocopy of Latest Income/Corporate Tax Return;

v. Photocopy of Audited Financial Statements for the last two years if with comparative period or three years if without comparative period and proof/s of other income or source of funds, if any;

vi. Secretary’s Certificate or its equivalent on Authority to Purchase; and

vii. Secretary’s Certificate or its equivalent on Authorized Signatory.

2. Bank shall confirm the authenticity of the submitted document/s and certifications through phone call or email, among others. Any indication of falsification in the documents submitted may cause the rejection of the offer and forfeiture of the deposit made. For this purpose, the buyer will be required to submit an authorization for Bank to validate documents submitted.

3. The offeror may also be required to submit proof of additional sources of funds which include, among other things, bank certification, deed of suretyship or letter of guaranty. The Deed of Suretyship shall be supported by documents showing the issuer’s source of income, as enumerated under Section V.1.

4. If the property is subject of a pending court case, the offeror may be required to submit a notarized acknowledgment that he is fully aware of the pending court case/s and that he shall assume the risks/consequences attendant thereto.

5. Multiple buyers for a sale transaction shall be required to submit an Undertaking that the obligation to pay the purchase price is contracted in their joint and solidarity capacities. All requirements for evaluation of the capacity to pay shall be submitted by all the buyers.

1. Offers coursed through a broker shall be accepted, provided the broker named and so designated in the submitted Negotiated Offer to Purchase Form, has a valid Authority to Sell issued by the Bank, as of the date of submission of offer.

2. Real estate brokers are not authorized to collect or receive any payment in behalf of either the Bank or the offeror. Any payment coursed through a broker shall be the sole and exclusive risk of the offeror.

1. For approved offers, the offeror shall be notified in writing through a Notice Of Approval and the deposit shall form part of the purchase price.

2. For disapproved offers, the Bank shall send a Notice of Disapproval and the deposit will be returned.

1. Withdrawal of Offer -

Any request for withdrawal of an offer shall mean forfeiture of the deposit in favor of the Bank as follows:

• • Before approval or receipt of the NOA (5% of offer price forfeited)

  • After receipt of the NOA (20% of offer price )

  • After Contract to Sell (CTS) has been executed (Terms and conditions of CTS shall apply )

2. Penalty -

There shall be a penalty of 12% per annum and additional interest based on the interest rate per CTS on the total unpaid installments and other monetary obligations advanced by the Bank.

3. Cancellation -

In case the buyer fails to make payments of any of the installments, with interest, penalty, taxes, and assessments thereon, the contract shall be canceled. In case of cancellation or rescission, the Bank shall be at liberty to dispose of and sell the property, together with all the improvements thereon, to any person.

If by virtue of a court order or decision, the sale of the property is canceled, the amount to be returned to the buyer shall be equivalent to the purchase price without interest and net of broker’s commission, if any. All taxes, cost of improvement, and other expenses incurred by the buyer relative to the purchase of the property shall not be reimbursed. However, there will be no return of payments received by the Bank if the buyer acknowledged all the defects of the property and its title, and waived his right to any recourse.

1. A CTS shall cover purchases on installment while a DAS shall be executed upon full payment of the purchase price.

2. The duly signed CTS shall be returned by the buyer to Bank not later than 30 days from receipt of the NOA; otherwise, the NOA shall be cancelled and the deposit shall be forfeited in favor of the Bank.

3. The owner’s duplicate Certificate of Title/TD together with the pertinent BIR Form Confirmation and the credit advice evidencing the payment of the CGT to the BIR, shall thereafter be released to the buyer upon submission of a duly signed DAS to Bank and reimbursement of any advances made by the Bank.

1. The payment of capital gains tax (CGT) shall be borne by Bank to the extent of 6% of the purchase price. Any excess assessment due on the difference between the zonal value/market value per Tax Declaration (TD) and the purchase price, in case the zonal value/market value per TD is higher than the purchase price, shall be for the account of the buyer. This should not, however, prevent the buyer and the Bank to have an agreement as to who will bear the burden of paying the CGT.

2. The amount of CGT which the buyer will assume will have to be paid to the Bank which shall in turn remit to the BIR through a direct credit of the account of the Treasurer of the Philippines.

3. Upon execution of the CTS/DAS, the real property taxes, condominium or association dues, and insurance premiums already paid by the Bank shall be assumed by the buyer on a pro-rate basis; thus, entitling the Bank to reimbursement of the real property taxes, condominium/association dues and insurance premium paid for the remaining days of the year.

4. All other taxes and fees incidental and necessary to the sale and transfer of title to the buyer will be assumed by the buyer.

Name of Offeror

(Signature over Printed Name)

Date: ____________________

( ) Individual ( ) Partnership* ( ) Corporation*

*Authorization on the designation of representative attached.

1. Get the Monthly Amortization based on the sample computation regardless of years.

2. Then divide the MA to 30% = Required Income

Sample: 14,500 / 30% = 48,000 required income