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Annex A Terms and Conditions
PDIC terms and conditions for PDIC Real Estate Broker Accreditation
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Terms and Conditions of PDIC Realty Broker Accreditation
A.
Responsibilities of Accredited Realty Brokers
1.
2.
There is no principal-agent relationship between PDIC and the
accredited realty broker. As such, PDIC shall not be responsible
for any and all acts of the accredited realty broker with his/her
clients or other persons he/she may transact with in connection
with the properties listed in the PDIC Property Listing.
3.
B.
The accredited realty broker shall use his/her best efforts in
effecting the sale of the properties in the PDIC Property Listing.
All expenses incurred by the accredited realty broker in offering
for sale the properties in the PDIC Property Listing shall be solely
for the account of the accredited realty broker.
Restrictions
1.
2.
The accredited realty broker shall not accept payment from
prospective buyers.
3.
C.
The accredited realty broker does not have the exclusive right
to sell the properties listed in the PDIC Property Listing.
PDIC employees and members of the Board of Directors of PDIC
and their spouses and relatives up to the second degree of
consanguinity or affinity are prohibited from being accredited
as PDIC realty brokers. The accredited realty broker warrants
that he/she is not covered by this prohibition.
Commissions
1.
The accredited realty broker’s commission shall be awarded on
a “No Collection, No Commission” basis only. The following
conditions must be met for an accredited realty broker to be
entitled to such commission:
a.
The accredited realty broker submits to PDIC an Offer to
Buy (hereinafter referred to as the “Offer”) on behalf of
his/her buyer.
b.
The buyer acknowledges the accredited realty broker in
the PDIC Offer to Buy Form or the letter-offer as the
person who referred to him/her the property subject of
transaction.
c.
The Offer is accepted by PDIC.
Terms and Conditions of PDIC Realty Broker
Page 1
d.
2.
PDIC’s acceptance of the Offer and payment of the
Buyer of the purchase price result in the consummation of
the sale.
The percentage of the commission shall be based on the actual
purchase price stipulated in the Deed of Sale and
corresponding to the following schedule:
Selling Price
More than P 15 Million
P 15 Million and below
Commission
3%
5%
3.
In case of installment sales, the commissions shall be paid in
proportion to the principal payments made. Default of two
successive monthly or one quarterly or semestral installment
payment/s shall result in the cancellation of the sale and the
automatic forfeiture of the entire payments previously made by
the buyer in favor of PDIC or the closed bank, as the case may
be. The accredited realty broker who brokered the sale shall
not be entitled to commissions pertaining to any of the unpaid
installments.
4.
Payments in check shall be subject to the usual banking
clearing process. The processing of the accredited realty
broker’s commissions shall commence once the checks have
been cleared.
5.
PDIC’s direct sale of a property to a buyer or PDIC’s withholding
of the accredited realty broker’s commission for any reason,
shall not reduce the selling price of the property subject of the
sale.
6.
The accredited realty broker shall not be entitled to commission
if he/she is also the buyer of the property.
7.
The accredited realty broker’s commission shall be inclusive of
taxes.
Any and all withholding taxes pertaining to the
commission will be deducted by PDIC and remitted to the
appropriate government authorities.
8.
PDIC may put on hold the release of commission/s pending
PDIC’s investigation of any complaint against the accredited
realty broker or sale transaction, or if any of the grounds for the
termination or suspension of the accreditation is present. PDIC
shall not be liable to the accredited realty broker for any interest
due on the commission/s withheld or damages that the
accredited realty broker may incur as a result of the withholding
of the commission/s.
Terms and Conditions of PDIC Realty Broker
Page 2
9.
The accredited realty broker may authorize his/her
representative to receive the commission due him/her upon
presentation of the following:
a.
Letter of authorization from the accredited realty broker;
b.
Photocopy of the accredited realty broker’s license; and
c.
Any of the
documents:
following
acceptable
identification
c.1.
Primary Identification – driver’s license, passport, or
Professional Regulation Commission ID
c.2.
Secondary Identification – any two of the following
IDs: Social Security System or Government Service
Insurance System, Tax Identification Number,
Company ID
Note: ATM cards, Voter’s ID and Community Tax
Certificate are not acceptable.
D.
Renewal of Accreditation
The accredited realty broker has the duty, without need of notification
from PDIC, to submit to PDIC his/her renewed broker’s license or other
requirements necessary to maintain his/her accreditation.
E.
Suspension/Termination of Accreditation
1.
PDIC reserves the right to terminate or suspend the accredited
realty broker’s accreditation. In such case, PDIC shall furnish the
accredited realty broker with written notice within 30 days prior
to such suspension/termination.
2.
PDIC may suspend the accredited realty broker’s accreditation
due to, but not limited to, the following grounds:
a. Cancellation or non-renewal of accredited realty broker’s
license; and
b. Accredited realty broker’s failure to submit his/her renewed
license.
3.
PDIC may terminate the accredited realty broker’s
accreditation and permanently disqualify the broker from reapplying for accreditation due to, but not limited to, the
following grounds:
a.
Misrepresentation or concealment of facts pertaining to
his/her qualification, to the transaction or any other matter,
which will adversely cause an impact on PDIC;
Terms and Conditions of PDIC Realty Broker
Page 3
b.
Breach of trust and confidence;
c.
Conflict of interest not established during accreditation or
arising only after accreditation;
d.
Bribery or attempt to bribe any PDIC personnel to facilitate
any transaction; and
e.
Such other analogous grounds that PDIC or the liquidator
may deem prejudicial to the interest of PDIC or the closed
bank, respectively.
CONFORME:
I read, understood and conform: ___________________________________________
Accredited Realty Broker’s Signature Over Printed Name
___________________________
Tax Identification Number
______________
Date
SUBSCRIBE AND SWORN TO BEFORE ME in _________________ City this
______day of _____________20____. Affiant exhibited to me his/her Community
Tax Certificate No. _________________issued on _______________at_____________.
NOTARY PUBLIC
Doc. No. ____
Page No. ____
Book No. ____
Series of ____
Terms and Conditions of PDIC Realty Broker
Page 4
