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    Deed of Absolute Sale With Assumption of Mortgage

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    Deed of Absolute Sale With Assumption of Mortgage

    Uploaded by

    jpbarramedajp
    3 views4 pages

    Original Title

    DEED OF ABSOLUTE SALE WITH ASSUMPTION OF MORTGAGE

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    3 views4 pages

    Deed of Absolute Sale With Assumption of Mortgage

    Uploaded by

    jpbarramedajp

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    DEED OF ABSOLUTE SALE WITH ASSUMPTION OF MORTGAGE

    This Deed of Absolute Sale with Assumption of Mortgage, executed on this


    ____ day of ___________, 20__, in Bacoor, Cavite, Philippines, by and between:

    SELLER:

    ___________________________, of legal age, Filipino citizen, with residence at


    (Seller's Address), hereinafter referred to as the “SELLER”;

    AND

    BUYER:

    ___________________________, of legal age, Filipino citizen, with residence at


    (Buyer’s Address), hereinafter referred to as the “BUYER”;

    WITNESSETH:

    WHEREAS, the SELLER is the registered owner of a parcel of land with


    improvements, located at (Property Address), and covered by Transfer
    Certificate of Title (TCT) No. ____________ issued by the Registry of Deeds of
    Cavite;

    WHEREAS, the said property is mortgaged with _______________________ under


    Loan Account No. ___________, with an outstanding balance of PHP
    ____________;

    WHEREAS, the BUYER has agreed to purchase the above-described property


    and assume the existing mortgage under the terms and conditions set forth
    below;
    NOW, THEREFORE, for and in consideration of the sum of PHP ____________
    (Philippine Pesos), paid by the BUYER to the SELLER, receipt of which is
    hereby acknowledged, the parties agree as follows:

    1. SALE AND TRANSFER OF TITLE

    The SELLER hereby sells, transfers, and conveys to the BUYER all rights, title,
    and interest in the above-described property, together with all improvements
    thereon.

    2. ASSUMPTION OF MORTGAGE

    The BUYER agrees to assume and pay the existing mortgage obligation to
    (Bank/Financing Institution Name) in accordance with the original loan terms,
    conditions, and amortization schedule.

    3. REPRESENTATIONS AND WARRANTIES

    The SELLER warrants that the property is free from all liens and
    encumbrances, except for the existing mortgage, and that there are no legal
    impediments to the sale and transfer of the property to the BUYER.

    4. TAXES AND EXPENSES

    All expenses related to the transfer of title, including but not limited to
    capital gains tax, documentary stamp tax, transfer tax, and registration fees,
    shall be borne by the BUYER. Any unpaid real property taxes up to the date
    of this sale shall be borne by the SELLER.

    5. TURNOVER OF DOCUMENTS

    The SELLER shall turnover to the BUYER all original documents relating to the
    property, including but not limited to the Owner’s Duplicate of Title, latest
    Tax Declaration, and official receipts for real property tax payments.
    6. EFFECTIVITY

    This Deed of Sale shall become effective upon full payment of the purchase
    price and upon assumption of the mortgage by the BUYER.

    IN WITNESS WHEREOF, the parties have hereunto set their hands on this ____
    day of ___________, 20__ in Bacoor, Cavite, Philippines.

    ___

    SELLER’S SIGNATURE

    (Full Name of Seller)

    ___

    BUYER’S SIGNATURE

    (Full Name of Buyer)

    SIGNED IN THE PRESENCE OF:

    _____________________________

    Witness

    _____________________________

    Witness

    ---
    ACKNOWLEDGMENT

    REPUBLIC OF THE PHILIPPINES )

    CITY OF BACOOR ) S.S.

    BEFORE ME, a Notary Public, personally appeared:

    - Seller: __________________________ (ID No. _______________)

    - Buyer: __________________________ (ID No. _______________)

    Known to me and to me known to be the same persons who executed the


    foregoing instrument and acknowledged that the same is their free and
    voluntary act and deed.

    WITNESS MY HAND AND SEAL, this ____ day of ___________, 20__, in Bacoor,
    Cavite, Philippines.

    ___

    NOTARY PUBLIC

    Doc. No. _____;

    Page No. _____;

    Book No. _____;

    Series of _____.

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