TERMS AND CONDITIONS [ Real Estate Sealed Bidding ] as of January 5, 2024


A.1 I/We accept that the Bank of the Philippine Islands (BPI) and or its subsidiaries (hereinafter referred to as the “Bank”) make neither a commitment nor a guarantee to approve/accept this bid or any bid.  I understood that the bid property is subject to the final approval of the bank’s appropriate approving committee and conforms to the following bidding procedures.

          A.1.1 The bidder who qualifies based on the Bank’s terms and conditions shall be declared as the winner and the sales officer in charge will notify the winner either through email, call, SMS, or courier

          A.1.2. The confirmed bidder shall be required to submit all the required documents within five (5) banking days from the date of formal notification per A.1.1. Failure to receive the required documents on time shall cause to forfeit my right to purchase the bid property and shall automatically cancel the sale without the need of Bank’s advice. The Bank, at its sole discretion, may award the property to the next highest bidder.

          A.1.3 In case my/our bid is approved, a Letter of Advice (the “LA”) signed by the bank’s handling sales officer containing such other terms for the sale of the Property, shall be sent to me/us through email or the registered mailing address indicated on the submitted Buyer’s Information Sheet (BIS) serving as the official means of communication. 

A.2. I/We hereby acknowledge and conform to the following representations and warranties of the Bank in connection with this sale:

          A.2.1 that the Bank is the owner of the Property;

         A.2.2 that, other than the matters now annotated on the Transfer/Condominium Certificate/s of Title covering the Property and Section A.3, to the best of its knowledge, the Bank is not aware of any liens or encumbrances affecting the Property.

          A.2.3 that the Bank does not give or is not deemed to have given any other representations or warranties to me/us as regards the Property, any provisions of law to the contrary notwithstanding, and 

A.3.   I/We hereby confirm and acknowledge the following with respect to the Property:

          A.3.1. That the Property is sold hereby on an “AS IS-WHERE IS” basis and no liability in any form or shape shall lie against the Bank in cases of eviction or hidden defects or any other lien or encumbrance involving the Property.

          A.3.2. I/We have made reasonable examinations and inspection of, among others, the Transfer/Condominium Certificate/s of Title and Tax Declaration/s covering the Property, as well as the Property’s legal, physical condition and location, and are satisfied therewith in all respects.

          A.3.3. I/We are aware that Yellow Tag properties have specific concern/s as enumerated in the Bid Terms of Reference below. It is hereby understood that despite these concerns, I/we agree and undertake to purchase the Property and to solely assume any and all the risks, consequences, and responsibilities attendant thereto without recourse to the Bank.  I/We likewise agree not to hold the Bank liable for any and all losses, damages or liabilities arising from this sale, including any arrears in the payment of real property taxes and other taxes, charges, and/or penalties for improvements, if any, on the Property and forever discharges the Bank from any and all said loss, damage, or liability.  I/We agree that any and all of the items listed in Section A.3.1 and A.3.2 above shall not be considered grounds for rescission or cancellation of the sale of the Property and/or any action for damages against the Bank.

          A.3.4.     I/We are aware that condominium units are subject to the Right-of-First Refusal provision of the Master Deed of Restrictions, if any. I/We acknowledge that the Master Deed of Restrictions gives priority to the current owners of the condominium units to purchase the units and that the property will only be awarded to me/us after the number of days specified in the Master Deed of Restrictions has lapsed.

A.4. I/We hereby agree to abide by such other terms and conditions as may be laid down by the Bank from time to time.


B.1. Cash Sale
          B.1.1. I/We shall pay the Selling Price of the approved Bid/Purchase Price in cash/manager’s check including all taxes, fees, and incidental expenses under Section C.2. within the prescribed due date indicated in the Letter Advice.

          B.1.2. The Deed of Absolute Sale shall be executed only upon full payment (cleared checks) of the approved Bid/Purchase Price and compliance with the Conditions of Sale.

B.2. Bank Financing
          B.2.1. I/We shall deliver the Bank Guaranty that is acceptable to the Bank and the checks/ Manager Checks (MCs) for the payment of the earnest money/downpayment and all taxes, fees, and incidental expenses under Section C. 2 within the prescribed due date indicated on the Letter Advice.

          B.2.2. The Deed of Absolute Sale shall be executed only upon receipt of the Bank Guaranty and payment for all taxes, fees, and incidental expenses under Section C.2.

B.3. Turnover of the Property

        B.3.1. Cash Sale – I/We hereby agree that turnover of Property shall be scheduled ten (10) banking days after the clearing of the check received as full payment of the Purchase Price.

          B.3.2. Bank Financing – I/We hereby agree that turnover of the Property shall be scheduled ten (10) banking days after the clearing of the check received from the financing Bank as full payment of the Bid/Purchase Price. 

B.4.   Non-Payment of the Property

         B.4.1 I/We hereby agree that failure to remit the payment on or before the date stated in the signed Letter of Advice shall cause the bank to forfeit my right to purchase the property and shall automatically cancel the sale without the need for the bank’s advice. The bank, at its sole discretion, may award the property to the next highest bidder.


C.1 The following expenses will be covered by the bank as and when they become due: (1) the corresponding computed creditable withholding tax (CWT) up to the approved Bid Price/Purchase Price; and (2) all real estate taxes and other assessments on the Property until the originally scheduled full payment date for the Property.

C.2. I/We shall exclusively shoulder: (1) any amount of CWT that may be due if the zonal value or fair market value exceeds the approved Bid Price/Purchase Price. (2) all other taxes  such as documentary stamps tax, donor’s tax, value-added tax (if any), transfer tax, association dues (if any); (3) all expenses for the preparation and registration of the Deed of Absolute Sale such as notarial fee, registration fees, pro-rata share of 2024 real estate tax (RET), and fees for the cancellation of the Transfer/Condominium Certificate/s of Title and Tax Declarations in the name of the Bank and the issuance of the corresponding Transfer/Condominium Certificate/s of Title and Tax Declarations unto and in my/our favor. 

C.3 I/We am/are not allowed to assign my/our rights as winning bidder for the purchase of the Subject Property to another party.

D.    I/We hereby agree to abide by such other terms and conditions for the purchase of the Subject Property as may be laid down by the Bank from time to time.

E.    I/We understand that in the event that the highest bidder is (a) the 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 winning bidder subject to the Bank’s final approval.  I/We am/are aware that the mode of payment is a one-time cash payment only and a direct sales transaction. 

F.     I/We fully understand that the selection of the highest bid is subject to approval by the Bank’s approving Committee and that it is the sole prerogative of the Bank to approve or reject a bid.  In the event of disapproval, the Bank has no obligation to provide the reason for such a decision, and it reserves the right, at its sole discretion, to cancel the bid, to sell the property to third persons (or otherwise), and/or to do such act or thing as it deems appropriate with respect to the Property. I/We hereby agree to hold the Bank, their respective directors, officers, employees, representatives, and agents, free and harmless from any and all liability or damages or costs arising from or in connection with, the exercise by the Bank of its rights and/or prerogatives under this Section F.


     G. 1 Definition of Terms

          a.    Highest Bid is the highest amount of offers received by the Bank for the purchase of the Property. 

          b.    Valid Bid offered price that is equal or not lower to the minimum bid amount received within the prescribed bidding period and has met the bank’s terms and conditions subject to validation by the Bank.   

         c.    Yellow Tag properties are properties with any/and all concerns such as but not limited to:
               i.    Titles/Tax Declarations under the process of consolidation
               ii.    Undeclared and/or under-declared Tax Declaration
               iii.    Title with technical description error
               iv.    Title with annotation of Sec. 7 RA 26 (reconstitution) 
               v.    Title with annotation of Sec. 4, Rule 74 (heirs’ bond)
               vi.    no possession (with tenants, former owner, or illegal settlers)
               vii.    encroachment issues
               viii.    landlocked (no Road Right of Way)
               ix.    a portion of property eroded
               x.    with an easement for road widening

     c.1 Yellow Tag Properties with concerns pertaining to (i) Titles/Tax Declarations under    
 process of consolidation and (ii) possession, where the Bank has no possession of the subject  
 property (and such possession is held by tenants, a former owner or illegal settlers), are 
 only subject to Cash payment term.

H.    No bid below the minimum bid price shall be accepted.

I.    The sale is subject to the terms and conditions specified under Sections A to F above.

J.    Property inspection within reasonable hours between 9 am to 4 pm shall be allowed subject to coordination with the assigned Sales Personnel. 

K.    All offers/bids will only be accepted through the online submission form within the prescribed period. 
Corporate bidders must indicate the company name and the complete details of its authorized representative on the online submission form. 

L.    On top of the signed Bid Form, Buyer’s Information Sheet/s and valid identification card/s, individual buyers and their spouses will be asked to provide all the listed below requirements prior to payment (no submitted requirements means no payment) within five (5) banking days from the date of notice. The offer shall be considered forfeited for failure to submit the requirements within the prescribed period of time, and the Bank shall have the right to award the property to the next highest/valid buyer without the need of written advice.

    • COE
    • Payslip
    • BIR Form 2316
    • DTI
    • updated Mayor’s/ Business permit
    • BIR Form 1701
    • 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 Corporate Secretary 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. 

M.  Opening of bids shall be in the presence of a BPI auditor and the Bidders or their authorized signatory/ies / representative/s may witness the opening of bids.

N.    In case of a declaration of a non-working holiday or due to any fortuitous event, the holding of the bid opening shall be canceled.  The opening of the bids shall then be moved to the next banking day (same time and venue).

O.    Immediately after all bids are opened, the highest valid bid will be recommended by the Bank to its appropriate approving committees for final approval.

P.    In case of a tie, the following steps shall be considered:

     a.    A bidding among the highest tied bidders shall be conducted the next banking day with the tied bid amount as the minimum bid price and bidders must submit their new bid within the date and time set by the bank.

     b.    The sealed bids will be opened on the prescribed date and time in the presence of a BPI auditor and if present, the Bidder/s or their authorized signatory/ies / representative/s.  The highest valid bid shall be declared the winner.

Q.    The Bank reserves the right to withdraw the foregoing Property at its own discretion at any given time.

R.    The Bank reserves the right (a) to reject any and all offers at its sole discretion, (b) waive any defects or non-compliance with formal requirements on the offers received and (c) accept the offer most advantageous to the Bank. The Bank, however, does not guarantee that any award shall be made. The decision of the Bank as regards these matters is final, conclusive, and binding on all parties.

S.    The Bank's decision as regards this bid shall be final and binding to all parties.

I/We have read the terms and conditions stated herein and I/we fully understand and agree with them.