Note 1: For viewing of the units, we shall schedule the same and our representative shall accompany you and your client (submission of date and time and IDs is required for authorization letter purposes).

Note 2: The above-property shall be the subject of double transfer of ownership as follows: 

1.    From former owner’s name to MPI's name (all expenses for the account of MPI); and

2.    From MPI’s name to buyer’s name (please refer to condition 6 below).

Our ROPA Admin Team shall handle the processing of the double transfer of ownership and will coordinate with the buyer for the taxes, fees and expenses needed to be paid for the transfer of ownership and shall turn-over to the buyer the TCT/s and tax declaration/s once the same are transferred in the buyer’s name.

Submission of offer to buy is on a first-come, best-offer basis and the sale of property/ies is subject to the following basic terms and conditions:

1.    All sale shall be on an "as-is, where-is, no warranties and no recourse" basis. Buyer to assume the issues of the property/ies. Status and condition of the property/ies are not comprehensive or complete. Buyers are therefore advised to conduct their own due diligence (including property documents verification, among others) prior to submission of an offer to buy.     

2.    Initiation and pursuance of the ejectment/eviction of squatters/occupants/lessees/ tenants/former owners on, or any other person claiming possession of, the subject property, if there be any, and/or renovation of the improvements, if applicable,  as well as proper handling and disposal of the personal belongings left inside the property/ies, all the corresponding costs of which shall be shouldered by the buyers.

3.    Any and all claims/cases of whatever kind and nature that may be instituted against or affecting the property/ies subject of sale shall be assumed by the buyer.

4.    Securing relocation survey for the property to determine its exact location and boundaries and its attendant cost shall be for the account of the buyer.

5.    The buyer shall be responsible in obtaining from the Department of Agrarian Reform the clearance/exemption of the subject property/ies, if agricultural, from the coverage of the Comprehensive Agrarian Reform Program. The expenses in obtaining said clearance/exemption shall be for the account of the buyer. The seller shall not be liable to the buyer if such exemption is not obtained.

6.    All expenses in connection with the transfer of title/s from MPI to the buyer shall be for the account of the buyer including but not limited to Documentary Stamps Tax, business tax, notarial fees, registration and transfer fees, and such other fees and expenses as may be necessary for the validity of this instrument except for the Expanded Withholding Tax, which shall be for the account of the seller to the extent of 6% of the gross selling price only). Any additional taxes that may be imposed by the Bureau of Internal Revenue or any appropriate government agency shall be for the account of the buyer. 

7.    Other terms and conditions that the Legal Department may impose to protect the interest of the Bank.

Also, below is our basic procedure on purchase of foreclosed property:

1.    Buyer to conduct property due diligence checking (with concerned government offices) and inspection.

2.    Once decided to pursue purchase and accepts the condition that buyer will assume the issues/problems of the property, buyer to submit official offer to buy forms with government-issued IDs and accepts the "as-is, where-is" sale condition.

3.    Our office will advise buyer if offer to buy may be acceptable to Management.

4.    If offer may be acceptable to Management, we shall advise buyer to submit requirements.

5.    Once requirements are submitted, we secure Management's approval.

6.    Once approved, a formal Notice of Approval shall be issued to the buyer containing the approved terms and conditions and payment due date.

7.    If offer is not acceptable to Management, we shall send a letter advising the buyer to improve their offer.

Please do not hesitate to get in touch with us for any clarification.      

Thank you.