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    Sale With Assumption of Mortgage

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    Johari Forcadas
    This document summarizes the sale of a property from a Vendor to a Vendee with the assumption of an existing mortgage on the property. The Vendor owns a parcel of land that is being sold to the Vendee for a specified price. As part of the sale agreement, the Vendee agrees to assume the duties and obligations of the existing mortgage that the Vendor took out on the property, effectively replacing the Vendor as the mortgagor. The mortgagee consents to the transfer of the mortgage obligation to the Vendee.

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    © All Rights Reserved
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    Sale With Assumption of Mortgage

    Uploaded by

    Johari Forcadas
    61 views2 pages
    This document summarizes the sale of a property from a Vendor to a Vendee with the assumption of an existing mortgage on the property. The Vendor owns a parcel of land that is being sold to the Vendee for a specified price. As part of the sale agreement, the Vendee agrees to assume the duties and obligations of the existing mortgage that the Vendor took out on the property, effectively replacing the Vendor as the mortgagor. The mortgagee consents to the transfer of the mortgage obligation to the Vendee.

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    SALE WITH ASSUMPTION OF MORTGAGE

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    This document summarizes the sale of a property from a Vendor to a Vendee with the assumption of an existing mortgage on the property. The Vendor owns a parcel of land that is being sold to the Vendee for a specified price. As part of the sale agreement, the Vendee agrees to assume the duties and obligations of the existing mortgage that the Vendor took out on the property, effectively replacing the Vendor as the mortgagor. The mortgagee consents to the transfer of the mortgage obligation to the Vendee.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    61 views2 pages

    Sale With Assumption of Mortgage

    Uploaded by

    Johari Forcadas
    This document summarizes the sale of a property from a Vendor to a Vendee with the assumption of an existing mortgage on the property. The Vendor owns a parcel of land that is being sold to the Vendee for a specified price. As part of the sale agreement, the Vendee agrees to assume the duties and obligations of the existing mortgage that the Vendor took out on the property, effectively replacing the Vendor as the mortgagor. The mortgagee consents to the transfer of the mortgage obligation to the Vendee.

    Copyright:

    © All Rights Reserved
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    SALE WITH ASSUMPTION OF MORTGAGE

    This Sale is made and executed this ___ day of _________ in the City of __________ by
    and between:
    _________________, Filipino, of legal age, married/ single and residing at
    ______________, hereinafter referred to as the VENDOR;and
    __________, Filipino, of legal age, married/ single and residing at __________,
    hereinafter referred to as the VENDEE;

    That the Vendor is the owner of a parcel of land situated in ___________ Philippines,
    and more particularly described as follows:

    (Description of Property)

    That for and in consideration of the sum of ____________ Pesos, receipt of which in full
    is hereby acknowledged by the Vendor, said Vendor hereby sells, transfers and conveys unto the
    Vendee, his heirs, legal representatives, or assigns, the above-mentioned property together with
    all the improvements found therein.

    That said property is mortgaged by the Vendor in favor of _______ as evidenced by a


    Deed of Mortgage executed on ___________ by and between said Vendor and said __________
    and acknowledged before Notary Public _________, of _________ on ___________ and entered
    in his notarial register as Doc No. _________; Page No. ______; Book No._______; Series of
    _____; copy of which is mortgage deed is herewith attached and marked as Annex “A” and made
    an integral part hereof.

    That, as part of the consideration of this sale, the Vendee agrees to assume as he hereby
    assumes, all the duties and obligations of the Vendor imposed upon the latter in the
    aforementioned Deed of Mortgage, as if the present Vendee were the mortgagor in said
    Mortgage Deed.

    IN WITNESS WHEREOF, etc.


    With My Consent:
    _______________
    Mortgagee-Creditor

    Witnesses:

    _______________________ ________________________

    (ACKNOWLEDGMENT)

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