The Deed of Sale with Assumption of Mortgage House and Lot is a specialized legal instrument used in Philippine real estate transactions where the buyer not only purchases the property but also takes over the seller's existing mortgage obligations. This document is particularly useful when the seller has an outstanding mortgage and the buyer prefers to assume the existing loan rather than secure new financing. The deed must comply with various Philippine laws including the Civil Code, Property Registration Decree, and banking regulations. It requires careful drafting to ensure all essential elements of both the sale and mortgage assumption are properly documented, including property details, purchase price, remaining mortgage balance, payment terms, and the mortgagee's consent. The document typically requires approval from the original mortgagee (usually a bank) and must be properly notarized and registered with the Registry of Deeds to be legally effective.
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Key Requirements PROMPT example:
Deed Of Sale With Assumption Of Mortgage House And Lot
"I need a Deed of Sale with Assumption of Mortgage House and Lot for transferring my residential property in Manila to a buyer who will assume my existing bank mortgage, with the sale to be completed by March 2025; the deed should include provisions for a 60-day transition period for me to vacate the property."
1. Parties: Identifies and provides complete details of the Seller, Buyer, and Original Mortgagee (typically a bank or financial institution)
2. Background: Recitals explaining the current ownership, existing mortgage, and intention to transfer with mortgage assumption
3. Definitions: Defines key terms used throughout the document including Property, Mortgage, Outstanding Balance, etc.
4. Property Description: Detailed description of the house and lot including lot number, block number, technical description, and certificate of title details
5. Purchase Price and Payment Terms: States the total purchase price, payment structure, and outstanding mortgage amount to be assumed
6. Transfer of Ownership: Explicit transfer of all rights, title, and interest in the property from Seller to Buyer
7. Assumption of Mortgage: Terms and conditions of the mortgage assumption, including remaining balance, interest rate, and payment schedule
8. Representations and Warranties: Statements by Seller regarding property ownership, absence of other liens, and authority to sell
9. Mortgagee's Consent: Written consent from the original mortgagee for the assumption of mortgage
10. Taxes and Expenses: Allocation of transfer taxes, registration fees, and other transaction costs
11. Execution Requirements: Formal requirements for document execution including notarization
1. Property Inspection and Acceptance: Used when the buyer wants to formally acknowledge the physical condition of the property after inspection
2. Occupancy Provisions: Include when there are existing tenants or specific arrangements regarding when the seller must vacate
3. Broker's Commission: Required if a real estate broker was involved in the transaction
4. Surviving Mortgagor Obligations: Include when the original mortgagor retains certain obligations even after the assumption
5. Default and Remedies: Additional provisions detailing consequences of default beyond those in the original mortgage
6. Insurance Requirements: Used when specific insurance arrangements need to be transferred or established
7. Improvements and Fixtures: Include when there's a need to specifically list which improvements and fixtures are included in the sale
1. Schedule A - Property Details: Technical description of the property, including lot plan, boundaries, and title details
2. Schedule B - Original Mortgage Agreement: Copy or summary of the original mortgage agreement being assumed
3. Schedule C - Outstanding Balance Statement: Current mortgage balance and payment history from the mortgagee
4. Schedule D - Payment Schedule: Detailed schedule of remaining mortgage payments to be assumed
5. Schedule E - Property Photos and Condition Report: Documentation of property condition at time of sale
6. Appendix 1 - Required Permits and Certificates: Copies of relevant tax clearances, permits, and certificates
7. Appendix 2 - Mortgagee's Consent Document: Formal consent letter or agreement from the mortgagee
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