Buyer Information Sheet (BIS) is a standardized document in Philippine real estate transactions that collects a buyer's personal and financial details for property registration and KYC compliance.
Developers and real estate brokers require this form before executing a Contract to Sell. The BIS captures information needed to verify buyer identity, process tax obligations with the Bureau of Internal Revenue (BIR), and facilitate title transfer to the Registry of Deeds.
Key Components
A Buyer Information Sheet collects the following information:
- Personal details: Full legal name, date of birth, civil status, citizenship, and contact information
- Identification: Tax Identification Number (TIN), government-issued IDs, and Community Tax Certificate (CTC)
- Address verification: Permanent address, billing address, and proof of residence
- Spousal information: Spouse details when the buyer is married (required under the Family Code)
- Property details: Project name, unit number, block/lot number, and floor area
- Employment or business information: Source of income for financial qualification
- Special circumstances: Dual citizenship status, minor buyer representation, or Special Power of Attorney arrangements
How it Works
You will complete a BIS during the property reservation process. Here is the typical workflow:
- Reservation stage: When you pay the reservation fee, your agent or broker will provide the BIS form
- Form completion: Fill out all sections with accurate information matching your government IDs
- Document submission: Submit the signed BIS with supporting documents (valid IDs, TIN, CTC, proof of billing)
- Verification: The developer or broker verifies information against submitted documents
- Record filing: The completed BIS becomes part of your buyer file for Contract to Sell preparation
For married buyers, both spouses must complete and sign the BIS. The Family Code presumes that purchased property forms part of the absolute community unless an Affidavit of Paraphernal/Separate Property states otherwise.
Types of Buyer Information Sheets
Philippine developers use two primary BIS formats:
- Individual BIS: For Filipino citizens, Overseas Filipino Workers (OFWs), dual citizens, and foreign nationals purchasing condominiums
- Corporate BIS: For companies purchasing property, which requires additional documents like Secretary's Certificate, Articles of Incorporation, and SEC Registration
Pros & Cons
Advantages:
- Standardizes buyer data collection across developers
- Ensures compliance with Anti-Money Laundering Council (AMLC) regulations
- Facilitates accurate Deed of Sale preparation
- Prevents title transfer delays due to data discrepancies
- Creates an audit trail for regulatory compliance
Disadvantages:
- Requires multiple supporting documents for verification
- Changes to buyer information after submission incur processing fees
- Foreign buyers face additional documentation requirements
- Errors in the BIS can delay title transfer
Real-World Application
In brokerage operations, managing Buyer Information Sheets for multiple transactions creates document tracking challenges. You need to maintain current versions, track submission status, and ensure all supporting documents are complete before sales approval workflows.
Real estate management platforms like iRealtee provide client profiles that digitize BIS data collection. This enables brokers to:
- Store buyer information centrally across all transactions
- Track document submission status per buyer
- Generate reports for audit trail compliance
- Maintain version history when buyer details change
- Share buyer data across team members with proper role-based access control
The sales wizard feature guides agents through required fields, reducing incomplete submissions. Integration with document templates allows automatic population of buyer details into reservation agreements and contracts.
Related Terms
References
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