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Deed of Sale With Assumption of Mortgage

This 3 sentence summary provides the key details from the Deed of Sale with Assumption of Mortgage document: The document involves the sale of a parcel of land covered by a Title from the Vendors to the Vendee, with the Vendee agreeing to assume the unpaid balance of an existing mortgage on the property in favor of a mortgagee. It details the parties to the sale, the property being sold, the purchase price, and that the Vendee assumes the mortgage and agrees to the terms and conditions of the original mortgage document. The document was executed, acknowledged and signed by the parties and witnesses before a notary public.

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TYSON DONGLA
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360 views2 pages

Deed of Sale With Assumption of Mortgage

This 3 sentence summary provides the key details from the Deed of Sale with Assumption of Mortgage document: The document involves the sale of a parcel of land covered by a Title from the Vendors to the Vendee, with the Vendee agreeing to assume the unpaid balance of an existing mortgage on the property in favor of a mortgagee. It details the parties to the sale, the property being sold, the purchase price, and that the Vendee assumes the mortgage and agrees to the terms and conditions of the original mortgage document. The document was executed, acknowledged and signed by the parties and witnesses before a notary public.

Uploaded by

TYSON DONGLA
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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DEED OF SALE WITH ASSUMPTION OF MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This DEED, made and entered at ______________ , Philippines by and between:

____________________, of legal age, Filipino, ________ (status), with residence


at ______________________, and his son/daughter/brother/sister,
____________________, (all) of legal age, Filipino, _________ (status), and with
the (same) residence as abovestated, hereinafter called the VENDORS;

-AND-

________________________, of legal age, Filipino, _______ (status), and with


residence at _________________, hereinafter called the VENDEE;

WITNESSETH

WHEREAS, the VENDORS are the co-owners in undivided shares of a parcel of land
with all the improvements existing thereon, situated in ______________, covered by Transfer
Certificate of Title No. ________ issued by the Register of Deeds of _________City, and more
particularly described as follows:

WHEREAS, the above described property is presently mortgaged in favor of


___________________ to secure payment of an original obligation in the principal sum of
PESOS:_______________________________ (P______________), Philippine currency,
contracted by the VENDOR from the afore-named mortgage under the terms and conditions set
forth in the said instrument of mortgage executed on _______ , 19______ratified before
__________, Notary Public in and for_________ , as per Doc. No ________, Page No.; Book
No. ______, Series of _________________________ of his notarial register, which original
mortgage obligation has been reduced to P________________ , as of
_____________________________;

WHEREAS, the VENDOR has offered to sell and the VENDEE has agreed to buy the
above-described land with all the improvements thereon for the total price of PESOS:
___________________________________________________________________(P_________
____________) payable in the manner set forth herein below;

NOW THEREFORE, for and in consideration of the sum of PESOS:


____________________________
___________________________________________________________________(P_________
____________) has been paid to and the receipt whereof is hereby acknowledged by the
VENDOR, the said VENDOR does hereby SELL, TRANSFER and CONVEY, in a manner
absolute and irrevocable, unto the VENDEE, his/her heirs and assigns the real property above-
described together with all the improvements existing thereon, free and clear of all liens and
encumbrances except the mortgage as may be subsisting in favor of ___________________;
and,

The VENDEE does hereby accept this sale and binds himself/ herself to assume as he/ she
assumes the payment of the unpaid balance of the mortgage indebtness of the VENDOR
amounting to PESOS;
______________________________________________(P________________), in favor of the
aforenamed mortgagee by virtue of the mortgage instrument executed on ______________,
_________, and does hereby further agree to be bound by the precise terms and conditions
therein contained.
IN WITNESS WHEREOF, the parties have hereunto set their hands and signed these
presents on the date and at the place first above written.

Vendor Vendee

With My Marital Consent

Name of Spouse

Signed in the presence of:

Name of Witness Name of Witness

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES}


____________________________} S.S.

BEFORE ME, a Notary Public for and in the above jurisdiction, this ______ day of
___________ 200__, personally appeared the following persons:

Name ID Type/No. Issued on/At


Seller
Buyer

known to me to be the same persons who executed the foregoing Deed of Sale with Assumption
of Mortgage involving the sale of ______ parcels of land, which instrument consists of _____
pages, including the Schedule and the page on which this acknowledgement is written and signed
at the left margin of each and every page by the parties executing this instrument and their
witnesses and sealed with my notarial seal and said parties acknowledge to me that the same is
their free and voluntary act and deed.

WITNESS MY HAND AND SEAL on the date and in the place first above written.

NOTARY PUBLIC

Doc. No. ______;


Page No. ______;
Book No. ______;
Series of 200__.

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