TERMS & CONDITIONS : AUTO / CHATTEL / LOT

  1. SUBMISSION FORM. Buyers must submit their offers/bids via the online submission form linked in our website-www.buenamano.ph or via QR code disseminated thru Buena Mano's official communications. The listings of vehicles are found on the same website.
  2. AS IS- WHERE IS. 
    • All units/lots to be sold shall be on an “AS IS- WHERE IS” basis. The Bank is selling the auto/chattel/lot without warranties as to the condition or any aspect to the auto/chattel/lot except its right to sell the same. The buyer/s is/are solely responsible for examining and judging the auto/chattel/lot for his/her/their own protection. The buyer/s shall warrant that own due diligence has been conducted and the auto/chattel/lot was inspected and examined, as well as the documents (Certificate of Registration) relative to the subject auto/chattel/lot.
    • The Bank and its employees shall not be bound or liable in any manner by the representation of any private arrangements between buyers or third parties, such as the former owner(s), attorney-in-fact, and/or other persons. 
  3. FREE AND HARMLESS. The buyer/s agree/s to hold the Bank free and harmless from any loss, claims, demands, damages, liability, or causes of action arising from, in connection with, in relation to, or resulting from this offer. 
  4. INSPECTION AND WAIVER. The buyer/s has/have undertaken the necessary inspection of the auto/chattel/lot being purchased prior to making a bid/offer. The buyer/s has/have made reasonable inspection and examination of the auto/chattel/lot, including its/their 
    • physical condition (interior, exterior, mechanical, and electrical),
    • documentation (LTO, LTFRB, PNO/HPG), and 
    • historical background- registration in the Register of Deeds/ Land Transportation Office that may not be updated. Any problems that appear during the buyer’s own due diligence will have to be resolved at the expense of the buyer/s at no recourse to the Bank. 
  5. RESERVATION. The Bank has no obligation to accept the offer and reserves the right to accept or reject the offer without any obligation to disclose the reason for its decision. The Bank likewise reserves the right to revise all or any part of these rules, including going into sealed bidding for a lot or retail sale, and other means to sell any or all of its auto/chattel/lot that may be considered most advantageous to the Bank. 
  6. CONFIDENTIALITY. The Bank shall treat all gathered information as well as the submitted documents in strictest confidence. The Bank shall deal exclusively with the buyer/s and/or his/her/their attorney-in-fact if any.
  7. ACCEPTANCE. All offers/bids will only be accepted through the online submission form within the prescribed period. 
    • All offers/bid is are subject to validation. 
    • Corporate bidders must indicate the company name and the complete details of its authorized representative on the online submission form. 
  8. MODE OF PAYMENT. Payment schemes for the auto/unit purchase may be through the following: 
    • Cash (should be for Lot Sale and Buy Now Offers)
    • Bank Financing- its terms are subject to separate credit approval of the lending Bank. 
  9. OFFICIAL TIME. The official time of receipt will be the time the offer/bid was officially received as registered in our automated online submission registry.
  10. REQUIREMENTS. On top of the signed Offer to Bid form, Buyer’s Information Sheet/s and valid identification card/s, individual buyers and their spouses will be asked to provide at least any two (2) of the following documents prior to payment (no submitted requirements means no payment) within five (5) banking days from date of notice prior to payment. Failure to provide these documents within the given period will mean non-compliance and the offer/bid shall be deemed forfeited and the Bank will be free to award the unit/s to the next valid buyer. 
    • EMPLOYED
      • COE
      • Payslip
      • BIR Form 2316
    • SELF-EMPLOYED
      • DTI
      • updated Mayor’s/ Business permit
      • BIR Form 1701
    • RETIREE    
      • Bank Certificate
      • Pension Documents (SSS or GSIS)
    • CORPORATION (all documents are required)
      • SEC Registration
      • Articles of Incorporation and By-Laws
      • updated GIS and AFS
      • Notarized CorSec Certificate/ Board Resolution specific to the purchase of the unit/s and authorizing a signatory
    • Additional documents might be required in compliance with bank and regulatory policies. 
  11. TAXES AND FEES. All Documentary Stamp Tax (DST), Value Added Tax (VAT), if any, transfer tax, expenses in preparation of the Deed of Sale and other relevant documents, notarial fees; expenses/ fees for the cancellation of previous ownership and corresponding transfer in favor of the buyer and other taxes and fees as may be imposed by law shall be borne exclusively by the buyer. The actual cancellation of the existing mortgage and transfer of ownership of the auto/chattel bought shall be done by the buyer. 
  12. DEED OF SALE. The Bank shall execute the Deed of Sale upon full payment/ clearance of the check for the full payment of the purchase price. 
  13. STORAGE FEE. The approved buyer must pull out the unit from Buena Mano stockyard within three (3) banking days from the date of full payment. Otherwise, the buyer shall be obliged to pay a storage fee of P1,500 per unit per day.
  14. SANCTIONS/ BLACKLISTING. In the event the offer/bid to buy the auto/chattel is received and accepted by the Bank, the buyer is committed to complete the purchase of the auto/unit. Should the buyer backs out from doing so within the allotted time, the Bank shall impose a sanction to the extent of blacklisting the buyer. The process of blacklisting potential buyers and joy bidders/cherry pickers will be applied for buyers/ bidders, his/her spouse up to his/her first degree of consanguinity and affinity. 
  15. BUY NOW. The buyer who wishes to purchase the auto/chattel/lot immediately without participating in the sealed bidding may submit a BUY NOW offer. 
    • BUY NOW buyers must be willing to buy the auto/chattel at the advertised BUY NOW price, via CASH on a first-come, first-served basis.
    • The first BUY NOW buyer with a valid offer will be awarded the auto/chattel/lot and will be notified within two (2) banking days after his/her submission of the BUY NOW offer. In case of a tie, a rebidding will be held and its schedule will be announced separately.