DEED OF SALE WITH ASSUMPTION OF
MORTGAGE
KNOW ALL MEN BY THERE PRESENTS:
This Deed is made, executed and entered into by:
SPS. _____________________________, both of legal age, married to each
other and with residence at ___________________, and represented by
_______________, of legal age, Filipino and residing at __________________,
herein referred to as the SELLERS
- and –
_________________, of legal age, Filipino and a resident of _____________,
hereinafter referred to as the BUYER.
- WITNESSETH -
WHEREAS, the SELLERS are registered owners of a parcel of land
with improvements located at ______________________ and covered by
Transfer Certificate of Title No. _________ and Tax Declaration No.
_________ containing an area of 100 square meters, more or less, and
more particularly described as follows:
TRANSFER CERTIFICATE OF TITLE NO. ______
“A PARCEL OF LAND _______________. Containing an area
of ___________________ (____ sqm), more or less. Boundaries
are set at:
_______________________________________
_______________________________________
_______________________________________
_______________________________________
WHEREAS, the BUYER has offered to buy and the SELLERS have
agreed to sell the abovementioned property for the amount of
_______________ PESOS (Php__________);
WHEREAS, the BUYER may assume the Home Development Mutual
Fund (HDMF) balance starting on _______________ including occurrence of
charges until fully paid, except on the event that the SELLERS’ death
may agree to pay to pay half of the unamortized balance to his
beneficiary;
THAT the said property is mortgage by the SELLERS in favor of
Home Development Mutual Fund (Pag-IBIG Fund) as evidenced by the
Deed of Assignment of Contract to Sell With Special Power of Attorney
executed on __________ by the SELLERS and acknowledged before
____________, and enter in his notarial register as Doc. No. ___; Page No.
Page 1 of 4
__; Book No. ___; Series of ____, a copy of the Deed of Assignment is
hereto attached as ANNEX “A”, and made an integral part thereof.
WHEREAS, the BUYER has agreed to assume, as they hereby
assume, all the duties and obligations of the SELLERS imposed upon the
latter in the aforementioned DEED OF MORTGAGE, as if the present
BUYER is the MORTGAGOR in the said DEED.
NOW THEREFORE, for and in consideration of the premises and
the covenants herein contained, the SELLERS does hereby sell, cede,
assign, transfer, convey and deliver, unto the BUYER, its nominee,
successors and assigns, in a manner absolute and forever, free and
clear of and from any and all liens and encumbrances of whatever kind
or nature, except those annotated thereon, if any, by operation of law,
for the sum of ________________ PESOS (Php________), Philippine
Currency, receipt of which in full is hereby acknowledged by the
SELLERS to their full content and satisfaction.
The property subject of this Deed has been sold on an “As Is Where
Is” basis, which means that the BUYER accepted the property in the
present condition without warranty and with the understanding that the
BUYER has assumed the risk arising from the condition of the subject
property.
The SELLERS shall pay for the Capital Gains Tax as regards the sale
of the Property.
The BUYER shall pay for the transfer tax, documentary stamp tax and
other fees and charges as regards to the registration and transfer of the
title of the Property.
Any failure or delay of either party to insist, once or in several
instances, on the strict performance by the other party of any
stipulation or condition of this Deed or to exercise any right or
option herein shall not be construed as abandonment, withdrawal,
waiver or cancellation of such stipulation, condition, right or
option.
The written consent of the parties hereto shall be required for
any amendment or waiver of the terms and conditions of this
Deed.
This Deed shall be governed by and construed in accordance
with the laws of the Republic of the Philippines.
Should one or more of the provisions of this Deed be declared
null and void, inefficacious or ineffectual for any reason
whatsoever, the other provisions shall remain in full force and
effect notwithstanding such defect or flaw, provided the rights of
the parties are not adversely affected thereby.
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Each of the parties irrevocably consents to the exclusive
jurisdiction of the competent courts of ______________ with respect to
any action or proceeding relating to this Deed.
This Deed constitutes the entire agreement between the parties
in respect of the matters contained herein. All prior agreements,
understandings and commitments, formal or informal, oral or
written, shall be superseded and cancelled by the execution of this
Deed.
All the terms, covenants, conditions and provisions of this Deed
shall be binding and enforceable upon the parties, their
successors-in-interest and assigns.
The above parties have complied with the requirement of Article 1621
and 1623 of the New Civil Code of the Philippines.
IN ____________, Philippines, this _________________.
_________________ _________________
Seller (Principal) Seller (Principal)
________________ _________________
________________ _________________
Represented by:
_____________________
Attorney-in-fact
___________________
Valid until _________
____________________
Buyer
Ph Passport __________
Valid until ___________
Signed in the presence of:
________________________ and _____________________________
REPUBLIC OF THE PHILIPPINES )
CITY OF __________________ ) S.S
ACKNOWLEDGEMENT
BEFORE ME, a Notary public, for and in _________________
personally appeared __________________, both represented by
_______________ under a General Power of Attorney as Attorney-in-fact,
Page 3 of 4
and _____________ , with the identification cards and numbers written
above as competent proof of identity, known to me to be the same
persons who executed the foregoing Deed of Sale with Assumption of
Mortgage and they acknowledged to me that the same is their free act
and deed.
This instrument is consists of four (4) pages and pertains to the
Deed covering a certain property located at ___________________ and is
signed by the parties including their instrumental witnesses, in each and
every page thereof.
WITNESS MY HAND AND SEAL.
NOTARY PUBLIC
Doc. No. ___;
Page No. __;
Book No. __;
Series of ___.
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