DEED
OF SALE WITH ASSUMPTION OF MORTGAGE
KNOW ALL MEN BY THESE PRESENTS:
This Deed of Sale
with Assumption of Mortgage is executed by and between:
(NAME OF SELLER), of legal age, Filipino,
married to (Name of Spouse), and a resident of (Place of Residence), hereunto referred
as the “SELLER”;
-and-
(NAME OF BUYER), of legal age, Filipino,
married to (Name of Spouse), and a resident of (Place of Residence), hereunto
referred as the “BUYER”;
WITNESSETH: that
WHEREAS, the SELLER is the absolute and
registered owner of a parcel of land covered by Transfer Certificate of Title No. ____________ of the Registry of
Deeds of ___________ containing an area of TWO
HUNDRED (200) SQUARE METERS, more or less, located at (Place of location of
property), and more particularly described as follows:
A parcel of land (Lot ___,
Block ___, of the consolidation-subdivision plan, Pcs-_________, being a
portion of _______, and _______, Psd-_______), situated in the Barrio of _______,
City of _______, Island of _______. Bounded on the NW. and NE. along lines
1-2-3-4-5 by Road Lot 6, on the SE. along line 5-6 by Lot 35, Block 13, along
line 6-7 by Lot 34, Block 13, on the SW. along line 7-1 by Lot 37, Block 13,
all of the consolidation-subdivision plan; containing an area of TWO HUNDRED
(200) SQUARE METERS, more or less. (A copy of TCT _______ is herein attached as
Annex “A”)
WHEREAS, the SELLER has offered to sell to the BUYER and
the BUYER has agreed to purchase from the SELLER the above-described parcel of
land, and all the rights pertaining thereto and improvements found and standing
thereon which include the residential building under Tax Declaration No. ______________;
NOW, THEREFORE, for and in consideration of the foregoing
premises, and subject to the terms and conditions hereinafter set forth, the
parties have agreed as follows:
1.
SALE OF SUBJECT PROPERTY – For and in consideration of the
sum of THREE MILLION FIVE HUNDRED
THOUSAND PESOS (P3,500,000.00) Philippine Currency, of which total receipt
is hereby acknowledged and confessed by the SELLER, SELLER hereby sell, cede,
convey and absolutely transfer to the BUYER, in an irrevocable and absolute
manner, the above-described parcel of land, all of SELLER’s rights and interest
thereto, and with all the improvements standing thereon.
2.
ASSUMPTION
OF MORTGAGE – Whereas, the above-described property is presently mortgaged to PRENDA
SAVINGS BANK to secure the payment of a loan in the principal sum of ______________ contracted by the SELLER
from the aforenamed mortgagee under the terms and conditions set forth in instrument
of mortgage executed on ______________ and ratified before _______________,
Notary Public in and for _________, as per Doc. No. ________, Page No. ______,
Book No. ______, Series of _______ of his notarial register;
2.1.
The BUYER does hereby accept this sale and binds
herself to assume as she hereby assumes the payment of the unpaid balance of
the mortgage in indebtedness of the SELLER amounting to ______________ for the said
loan as of this date in favor of the aforenamed mortgagee and does hereby
further agree to be bound by the precise terms and conditions therein
contained.
2.2.
The SELLER shall secure the approval of the Mortgagee
to the assumption by the BUYER of the mortgages over the subject parcel of
land.
3.
PRESENTATIONS AND WARRANTIES – The SELLER hereby warrants
and represents to the BUYER that:
3.1.
SELLER has clean, valid, absolute and merchantable title to
the subject property, and that the same is not subject to any existing or
threatened claims, suits or litigation or to any tenancy, land transfer or
agrarian reform laws;
3.2.
BUYER shall have peaceful possession of the subject
property and SELLER shall defend, at their expense, the title of the subject
property against any and all claims interposed by any and all person or persons
whomsoever;
3.3.
The property is free and clear of all liens and
encumbrances excepting the mortgagee as may be subsisting in favor of PRENDA
SAVINGS BANK; and
4.
TAXES – Capital Gains Tax shall be for the account of BUYER.
Likewise, BUYER shall be responsible for all other taxes and expenses necessary
to transfer title of the property in BUYER’s name;
IN WITNESS WHEREOF, the parties have hereunto set their hand this ______ day
of ___________________, in Cebu City, Philippines.
(NAME
OF SELLER)
SELLER
With my marital consent:
(SPOUSE OF SELLER)
(NAME
OF BUYER)
BUYER
Witnessed by: (1) ____________________
and (2) ____________________
ACKNOWLEDGMENT
Republic
of the Philippines )
City
of _______________ ) S.S.
BEFORE ME, a Notary
Public for and in the city named above, this ____ day of _________________,
personally appeared the following
NAME
|
I.D. NO.
|
DATE &
PLACE ISSUED
|
SELLER
|
|
|
SPOUSE OF SELLER
|
|
|
BUYER
|
|
|
known to me and to me
known to be the same persons who executed this Deed of Sale with Assumption of
Mortgage and acknowledged to me that the same is their free and voluntary act
and deed.
The foregoing
document relates to a Deed of Sale with Assumption of Mortgage of a parcel of
land, consisting of ________ (___) pages including the page on which this
acknowledgment is written and has been signed on each page by the parties and
their instrumental witnesses, and sealed with my notarial seal.
WITNESS MY HAND
AND NOTARIAL SEAL on the date and place first above written.
Doc. No. _____;
Page No. _____;
Book No._____;
Series of _____.
