Form No.

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Sample Deed of Sale With Assumption of Mortgage
DEED OF SALE WITH ASSUMPTION OF MORTGAGE
KNOW ALL MEN BY THESE PRESENTS:
This DEED, made and entered into this __________________ in ______________________, by:
________________, married to ____________, with residence and postal
address at _______________________, hereinafter referred to as the VENDOR;
-IN FAVOR OF________________, a domestic corporation duly organized and existing by
virtue of Philippine laws with principal offices, business and postal address at
________________, represented herein by its President, _____________________
hereinafter referred to as the VENDEE,
W I T N E S S E T H: THAT:
WHEREAS, VENDOR is the absolute owner in fee simple of that certain parcel of land, without
improvements,
located
at
____________________________,
containing
an
area
of
_____________________________________ SQUARE METERS, more or less, covered by Transfer
Certificate of Title No. ___________ of the Registry of Deeds for the _______________________, and
more particularly described as follows:
Copy Technical Description

WHEREAS, subject property is presently mortgaged to the ___________ to secure the payment
of an original obligation in the principal sum of PESOS _________________ contracted by the VENDORS
from the aforenamed mortgagee bank under the terms and conditions set forth in the Real Estate
Mortgage executed on ___________ ratified before Notary Public ______________ for Makati City as
Doc. No. ___, Page No. __, Book No. ____ Series of _____ of his notarial register, which original
mortgage obligation is estimated to be reduced to PhP __________ by _______________ 20__;;
WHEREAS, the VENDORS have offered to sell and the VENDEE has agreed to buy the abovedescribed property for the total sum of PHILIPPINE PESOS _______________________________,
payabale in the manner and form set forth hereinbelow.
NOW, THEREFORE, for and in consideration of the sum of PHILIPPINE PESOS
____________________________________________, of which the sum of PHILIPPINE PESOS
__________________________ has been paid to, and the receipt whereof is hereby acknowledged by,
the VENDORS, the said VENDORS do hereby SELL, TRANSFER and CONVEY, and by these presents,
have SOLD, TRANSFERRED and CONVEYED, in a manner absolute and irrevocable, unto the VENDEE,
its successors-in-interest and assigns the real property above described, free and clear of all liens and
encumbrances excepting the mortgage as may be subsisting in favor of the Philippine Veterans Bank.

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The VENDEE does hereby accept, and by these presents, have accepted this sale and binds itself
to assume as it hereby assumes the payment of the unpaid balance of the mortgage indebtedness of the
VENDORS amounting to PhP _____________ by _________________ 20__, in favor of the aforenamed
mortgagee bank 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 hereto
____________________ at __________________________.

__________________________
(Vendor)

have

hereunto

set their hands

__________________________
(Vendee)

INSTRUMENTAL WITNESSES:
_________________________

___________________________

ACKNOWLEDGMENT

this