DEED OF SALE OF MOTOR VEHICLE WITH ASSUMPTION OF
MORTGAGE
KNOWN ALL MEN BY THESE PRESENTS;
This DEED OF SALE WITH ASSUMPTION OF MORTGAGE is made, executed and entered by:
I, __________________________________________________ of legal age, Filipino, and resident at
__________________________________________________________________________, hereinafter
referred to as the VENDOR.
-AND-
I, _____________________________________ also of legal age, Filipino and with residences at
____________________________________________________________________, hereinafter
referred to as the VENDEE, for and in consideration of the amount of
_______________________________________________________________________________ and
other valuable consideration, receipt of which is hereby acknowledged from the Vendee.
Hereby sells, TRANSFER AND CONVEYED and by these presents have sold, TRANSFERS AND CONVEYED
and by these presents have sold, TRANSFERS AND CONVEYS unto said
____________________________________ the following motor vehicle described as follows:
MOTOR NO. :
CHASSIS NO. :
MAKE AND MODEL :
MV FILE NO. :
CONDUCTION PLATE NO.:
Of which I am the absolute owner. I hereby warrant that said motor vehicle is still mortgaged with
monthly amortization amounting to ___________________________ without demand, payment due
every __________ day of the month starting ________________________ until _________________
and I will defend the title and rights of the vendee from any claims of whatever kind or nature from third
persons.
It is hereby agreed by and between the VENDOR and the VENDEE that:
FAILURE THE VENDEE TO PAY at least ( one ) MONTH shall give the vendor the right to
immediately take the possession of the motor vehicle without the court intervention, and
declare this CONDITIONAL DEED OF SALE WITH ASSUMPTION OF MORTGAGE TERMINATED
WITH THE VENDEE IN DEFAULT without the need of any demand, without regard to any civil or
criminal case that the vendor may file against the vendee.
Vendee agrees to pay interest and penalties of the total amount due for delayed payments.
Obligation like periodic maintenance, insurance and registration will be paid and executed by
the Vendee.
Vendee cannot pawn or sell the vehicle while still on mortgage without the consent of the
Vendor.
That the Vendor shall not be responsible for accidents, damages or civil/criminal liabilities
involving the said vehicle during the duration of this agreement.
That the necessary repairs, purchase of spare parts and other materials of the vehicle shall be
shouldered by the Vendee, and the Vendee agrees to safety use and maintain the vehicle in
good working order at his own expense, and to keep it from other liens and encumbrances at
this above-state address, and not transfer the vehicle outside Luzon without consent of the
Vendor. That the ownership of the said motor vehicle remains the Vendor and shall pass to and
be transferred to the Vendee only upon complete payment of the consideration agreed upon
and upon execution of the DEED OF ABSOLUTE SALE.
That this agreement is binding not only upon the herein parties but also upon the legal heirs and
successors in interest of the said parties.
That only after FULL PAYMENTS and the motor vehicle’s registration and full ownership will be
fully transferred to the Vendee.
In witness whereof we have hereunto affixed our hands this _____ day of _______ at
__________________________________________, Philippines.
_______________________________ ________________________________
VENDOR VENDEE
Signed in the presence of :
______________________________ ________________________________
Witness Witness
REPUBLIC OF THE PHILIPPINES
PROVINCE OF _____________________) S.S.
CITY/MUNICIPALITY OF _________________
BEFORE ME, a notary Public, for and in ________________, this _____________ day of ______________
personally appeared:
All known to me to the same persons who executed the foregoing instrument and hereby
acknowledge to me that the same is free and voluntary act and deed.
Including this two (2) page on which this acknowledgement is written refers to a DEED OF SALE
OF MOTOR VEHICLE WITH ASSUMPTION OF MORTGAGE has been signed by the parties and their
witness and sealed with my notarial seal.
WITNESS MY HAND AND NOTARIAL SEAL
Doc. No. _________ NOTARY PUBLIC
Page No. _________
Book No. _________
Series of 2020
