Terms and conditions
IMPORTANT NOTICE TO BIDDERS (GENERAL TERMS AND CONDITIONS)
- The sale is subject to confirmation by the Seller on the day of Auction.
- Bids are exclusive of the Auctioneer's Fee at 5% exc. VAT.
- If you are the higest bidder you will be required to pay 10% of the bid amount on the aution day immediately post-auction - this comprises a 5% incl. VAT deposit for the purchase of the property and 5% excl. VAT Auctioneer's Fee.
- Please note that for your own security, a Bank Guaranteed Cheque or Company Cheque (Bank Statement required) is recommened. Cash will not be accepted.
- The balance of the purchase price, the bid amount less 5% incl. VAT (deposit paid immediately post-auction) is payable within 14 business days of the auction date.
- If you are the highest bidder you will be required to sign the 'Conditions of Sale for Immovable Property' on the day of the auction immediately post-auction.
- Transfer of the property will be effected by the Transferring Attorneys / Conveyances appointed by the Credit Executor.
Please Note: The above fees do not affect your budget. All you need to remember is to calculate the fees onto your final bid amount so that you do not exceed your budget. Each and every bidder is subject to these fees.
An example based on a bid of P100,000:
- The total amount payable = P100,000 plus 5% fees, therefore P105,000 exc. VAT
- Deposit = 10% of P100,000; therefore the deposit of P10,000 exc. VAT
- Made up of P5,000 exc. VAT towards the bid / purchase price
- The balance payable is therefore P100,000 minus P5,000 = P95,000 incl. VAT
