DEED OF SALE WITH ASSUMPTION OF MORTGAGE
KNOW ALL MEN BY THESE PRESENTS:
This DEED OF SALE WITH ASSUMPTION OF MORTGAGE entered into this ____ day of
________________, 20__ in ____________________________, Philippines by and between :
_______________________________, Filipino, of legal age, married to
________________________, and resident of _________________________________,
hereinafter referred to as the SELLER.
And
_______________________________, Filipino, of legal age, married to
________________________, and resident of _________________________________,
hereinafter referred to as the BUYER.
WITNESSETH:
A. PRIMARY OBLIGATIONS OF THE PARTIES
The SELLER is the registered owner of the real property located at
______________________________, as evidenced by _______________________________
herewith attached as Annex A of this Agreement. The subject property is presently mortgaged
with _________________ office address at __________ and identified as Doc. No. ______, Page
No. ________, Book No. __________, Series of ___________ of Notary Public ___________; a
copy of which is hereto attached as Annex B and made an integral part of this Deed of Sale with
Assumption of Mortgage.
The BUYER has offered to purchase the subject property from SELLER and the latter has
agreed to sell the same to the former. Furthermore, the BUYER has offered to assume the
mortgage covering the subject property from the SELLER and the latter has agreed to such
assumption of mortgage.
NOW THEREFORE, for and in consideration of the amount of
_________________________ Pesos (Php ___________), the receipt whereof is hereby
acknowledged by the BUYER, from the SELLER has sold, transferred, and conveyed, as he
hereby SELLS, TRANSFERS, and CONVEYS unto and in favor of the property of the BUYER, his
heirs, successors, and assignees, the subject property free from all liens and encumbrances
except a first mortgage in favor of ____________________________which the buyer hereby
acknowledges to have assumed.
FURTHERMORE, the BUYER hereby assumes, effective as of the date of the execution of
this Deed of Sale with Assumption of Mortgage, the payment of the balance of the loan with
______________________ in the amount of ____________________________ Pesos (Php
__________) as evidenced by the statement of account (certification) from
________________________, a copy of which is hereto attached as Annex C and made an
integral part of this Deed of Sale with Assumption of Mortgage, and secured by a mortgage on
the property which has been sold to BUYER. Accordingly, the BUYER binds himself to honor and
respect the terms and conditions of the Loan and Mortgage Agreement evidencing the subject
loan and mortgage hereto attached as Annex B as mentioned above.
B. OTHER OBLIGATIONS AND WARRANTIES OF THE PARTIES
The SELLER warrants that:
1. He has the right to sell the subject property by virtue of these presents;
2. He holds good, valid, and registrable title thereto; and
3. Etc. _______________________________________ (such as: The same is not
devoted to rice or corn or agricultural lease or tenancy or covered or subject to land
reform).
The SELLER shall execute and deliver to the BUYER all such further
documents and instruments as may be necessary in order that title over the subject
property shall be transferred to and in the name of the BUYER.
The SELLER shall pay for the capital gains tax and documentary stamps, and
the BUYER shall pay for the registration fees, transfer fee/tax, and other expenses of
registration.
C. OTHER CONTRACT PROVISIONS
This Deed of Sale with Assumption of Mortgage shall inure to the benefit of and be
binding upon the parties hereto and their respective heirs, successors, and assignees.
In case of litigation arising from the provisions of this Deed of Sale with Assumption of
Mortgage, the parties agree to submit to the jurisdiction of the proper court sitting in
___________________, to the exclusion of all other tribunals.
This Deed of Sale with Assumption of Mortgage will be governed by, construed, and
enforced in accordance with the laws of the Philippines. Any amendment or modification
thereto must be in writing and signed by the parties hereto. No waiver by a party to any
provision of this Deed of Sale with Assumption of Mortgage shall be held invalid, illegal, or
unenforceable, the remaining provisions shall remain in and shall be given, full force and effect.
IN WITNESS WHEREOF, the SELLER and the BUYER have signed these presents on the
date and at the place first above-written.
_______________________________ _______________________________
SELLER BUYER
TIN ______________________ TIN ______________________
With my marital consent:
_______________________________ _______________________________
SPOUSE OF SELLER SPOUSE OF BUYER
Signed in the Presence of:
_______________________________ _______________________________
ACKNOWLEDGMENT
Republic of the Philippines)
_____________________ ) SS.
BEFORE ME, a Notary Public in and in _______________ this _______ day of
_________________, 20__, personally appeared the following:
Name: CTC No./ Date & Place Issue
Passport No./
___________ I.D.
________________________ ________________ ________________________
________________________
________________________ ________________ ________________________
________________________
all known to me to be the same persons who executed by the foregoing instrument and they
acknowledged to me that the same is their free and voluntary act and deed as well as that of
the corporations that respectively represent.
WITHNESS MY HAND AND SEAL in the place and on the date first above written.
Doc. No. _______;
Page No. _______;
Book No. ______;
Series of _______.
