TERMS & CONDITIONS : FOR REAL ESTATE

1. SUBMISSION OF FORM. Buyers must submit their offers/ bids via the online form submission form linked in our website- www.buenamano.ph or via QR code disseminated thru Buena Mano’s official communications. The listings of the properties for sale are found in the same website.

2. AS IS- WHERE IS POLICY. (1) The property subject of the Offer to Purchase is on an "AS-IS, WHERE-IS" basis. The Bank is selling the property without warranties as to the condition or any aspect of the property except its right to sell the same. The buyer is solely responsible for examining and judging the property for their own protection. The buyer warrants that own due diligence has been conducted and the property was inspected and examined, as well as the documents (title, tax declaration, etc) relative to the subject property; (2) For properties with special concerns (such as those with ongoing case/s, illegal occupants or those with documentary deficiencies, etc), the buyer shall rely solely on his/her investigation of the property and not only on information provided on the website and/or by the handling sales officers or accredited broker, and he/she is willing to assume and accept all risks attendant to such concerns.; (3) The Bank and its employees shall not be bound or liable in any manner by the representation of the accredited broker or any private arrangements between buyers or third parties, such as the former owner(s), attorney-in-fact, brokers and/or other persons.

3. FIRST-COME, FIRST-SERVED POLICY. As service policy of the Bank, the offers are accepted to in the order they are received without other biases and preferences.

   OFFICIAL TIME. The official time of receipt will be the time the offer was officially received as registered in the Bank’s automated online submission registry.

4. FREE AND HARMLESS. The buyer agrees 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 the Offer to Purchase.

5. PROPERTY INSPECTION & DOCUMENTS. 1) Information on the property/ies subject of the offer/bid can be found on the website www.buenamano.ph. By submitting the offer/bid on a certain property, the offeror/ potential buyer warrants that he/she read the information of the property on the Bank’s website. The offeror/ potential buyer may request for a physical copy of the documents pertaining to the information of the property intended to be purchased; (2) Relocation Survey, building plan or demolition of existing structures, if needed shall be the sole responsibility of and for buyer’s account; (3) Eviction of tenants/ squatters thereon, if any, as well as procurement of the required clearances from the proper government agencies for registration purposes, shall be the sole responsibility of the buyer.

6. RESERVATION. The Bank is under no obligation to accept the Offer to Purchase 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, open auction, and other means to sell any or all of its properties.

7. CONFIDENTIALITY. The Bank shall treat all information gathered as well as the submitted documents in strictest confidence. The Bank shall deal exclusively with the buyer and/or his/her attorney-in-fact/ authorized broker accredited by the Bank, if any.

8. ACCEPTANCE. All offers will only be accepted through the online submission form and are subject for validation.

Corporate buyers must indicate the company name and its complete details of its authorized representative on the online submission form.

The offer is subject to the approval of the Bank. The Bank has no commitment and makes no guaranty to approve or accept the submitted offer.

9. REQUIREMENTS. On top of the Buyer’s Information Sheets and valid identification cards, 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 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 property/ies and authorizing a signatory

Additional documents might be required in compliance with bank and regulatory policies.

 

10. TAXES AND FEES. (1) Creditable Withholding Tax (CWT) based on the Selling Price shall be for the account of the Bank. Any amount of CWT that maybe due in excess of the CWT determined using the Selling Price as basis, shall be for the buyer’s account; (2) The Documentary Stamp Tax (DST), Transfer Tax, Registration Fee, IT Fee and other sales documentation, registration/ transfer of ownership and other incidental expenses shall be for the account of the buyer; (3) Once the offer is approved, buyer appoints the Bank and its designated representative in filing the BIR Form 1606 representing Creditable Withholding Tax (CWT)

11. 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.

12. WITHDRAWAL OF OFFER BY FIRST BUYER. Should the confirmed offeror failed to submit the required documents above or fails to notify the Bank to confirm the purchase, or not push through with the purchase of the property for any other reason during the five (5) banking days period from notice, the offer shall be deemed withdrawn.

13. BUYBACK TRANSACTIONS. In the event that the offer is received from (a) former owner of the subject property; or (b) in case the former owner of the subject property is an individual, his/her relative/s within the first degree of affinity or consanguinity, the purchase price of the subject property shall be the higher of the buyback price (as computed by the Bank) or the offered price subject to the Bank’s approval. The mode of payment for this shall be made in one-time cash payment only and shall be a direct sales transaction.