SECTION 267

The terms of reference shall, under pain of nullity, contain: (1) the title of the document; (2) an indication of the writ of execution by virtue of which the proceedings against the debtor were instituted and the summons to pay with a mention of the fact of its publication, as well as the other acts and decisions of the court pronounced after the service of the summons to pay and which have been served on the pursuing creditor; (3) an indication of the court or notary agreed upon by the pursuing creditor and the judgment debtor to carry out the auction sale; (4) an indication of the place where the contingent hearing provided for by Article 270 below shall take place; (5) the full names, profession, nationality, date of birth and residence of the pursuing creditor; (6) the full names, capacity and address of the pursuing counsel; (7) designation of the attached property as contained in the summons to pay or report describing it drawn up by the bailiff or process-server; (8) the conditions of sale and, especially, the rights and obligations of the vendors and successful bidders, a mention of the costs of the proceedings and any special condition; (9) where necessary, the parcel of land; (10) the reserve price fixed by the judgment creditor which may not be lower than a quarter of the market value of the property. The value of the property shall be appreciated in accordance with the valuation made by the parties during the conclusion of the mortgage contract or, failing this, by comparison with the transactions concerning property of a similar nature or location. A statement of the real rights registered in relation to the property concerned, issued by the land registrar on the date of service of the summons to pay shall be annexed to the terms of reference.