The sale shall be for CASH and on “As-Is-Where-Is” basis.
The sale of the properties is on “As-Is-Where-Is” basis. Their descriptions in the Invitation to Bid are based on documents in the custody of PDIC, which might differ from the actual description, status and physical condition of the properties.
The term “As-Is-Where-Is” shall refer not only to the description and physical condition of the property and its contents or inclusions at the time of the bidding, if any is declared to be part of the sale, but also to the condition of the title of the property or other evidence of ownership and the extent and state of whatever rights, interests and participation over the property the PDIC may have at the time of the bidding.
The term “As-Is-Where-Is” shall also include the winning bidder’s assumption of all unpaid taxes, fees and/or expenses, such as, but not limited to, capital gains tax or creditable withholding tax, whichever is applicable, value added tax, documentary stamp tax, registration and transfer fees, association or condominium fees and/or assessments, and all other expenses and charges in order to, as applicable, cause the transfer of the title to the winning bidder.
PDIC shall not be liable in any way for the presence of any unauthorized person or illegal occupant on the property or removal of any structure, improvement, receptacle and waste, if any, it being clearly agreed upon that it shall be the responsibility of the winning bidder, at his/her/its own expense, to evict/clear said illegal occupant, structure, receptacle and waste from the premises. Identification, location and survey of the property shall be the responsibility of the winning bidder at his/her/its sole expense.
The bidder/s shall be responsible in taking steps to determine the actual condition, size, area, shape and other circumstances of the property.