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    Conditional Deed of Sale

    Uploaded by

    Jayson Cortiguerra
    This document is a conditional deed of sale with assumption of mortgage for a motor vehicle. It specifies that the vendee will assume the monthly mortgage payments to the bank until the loan is paid off. If the vendee fails to pay two consecutive monthly payments, the vendor has the right to repossess the vehicle without legal intervention. Ownership of the vehicle remains with the vendor until full payment of the loan is made, at which point the deed of sale becomes absolute and ownership is transferred to the vendee. The document is signed by both parties and notarized.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Conditional Deed of Sale

    Uploaded by

    Jayson Cortiguerra
    608 views2 pages
    This document is a conditional deed of sale with assumption of mortgage for a motor vehicle. It specifies that the vendee will assume the monthly mortgage payments to the bank until the loan is paid off. If the vendee fails to pay two consecutive monthly payments, the vendor has the right to repossess the vehicle without legal intervention. Ownership of the vehicle remains with the vendor until full payment of the loan is made, at which point the deed of sale becomes absolute and ownership is transferred to the vendee. The document is signed by both parties and notarized.

    Original Description:

    conditional deed of sale motor vehicle

    Original Title

    conditional deed of sale (1)

    Copyright

    © © All Rights Reserved

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    This document is a conditional deed of sale with assumption of mortgage for a motor vehicle. It specifies that the vendee will assume the monthly mortgage payments to the bank until the loan is paid off. If the vendee fails to pay two consecutive monthly payments, the vendor has the right to repossess the vehicle without legal intervention. Ownership of the vehicle remains with the vendor until full payment of the loan is made, at which point the deed of sale becomes absolute and ownership is transferred to the vendee. The document is signed by both parties and notarized.

    Copyright:

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

    Conditional Deed of Sale

    Uploaded by

    Jayson Cortiguerra
    This document is a conditional deed of sale with assumption of mortgage for a motor vehicle. It specifies that the vendee will assume the monthly mortgage payments to the bank until the loan is paid off. If the vendee fails to pay two consecutive monthly payments, the vendor has the right to repossess the vehicle without legal intervention. Ownership of the vehicle remains with the vendor until full payment of the loan is made, at which point the deed of sale becomes absolute and ownership is transferred to the vendee. The document is signed by both parties and notarized.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    CONDITIONAL DEED OF SALE WITH ASSUMPTION OF MORTGAGE

    KNOW ALL MEN BY THESE PRESENTS:

    THIS DEED OF SALE WITH ASSUMPTION OF MORTGAGE is made,


    executed and entered by;

    _____________________________ of legal age, Filipino, and with residence


    __________________________________________. hereinafter referred to as the
    VENDOR.

    -AND-

    _____________________________ of legal age, Filipino, and with residence


    __________________________________________. hereinafter referred to as the
    VENDEE.

    WITNESSETH:

    That the VENDOR is the registered owner of the motor vehicle, particularly described
    as follows, to wit:

    MAKE: MV FILE NO.:


    SERIES: YEAR MODEL:
    BODY TYPE: CHASSIS NO.:
    ENGINE NO.: COLOR:
    DENOMINATION: CONDUCTION STICKER:
    CR NO.: PLATE NO.:
    OR NO.:

    That the above-described vehicle is currently mortgaged to ___________, and


    shall continue paying the monthly mortgage of ________________________
    _________ PESOS (PHP_______.00) without demand every ___day of the month
    starting ______________ until ______________ with bank of with loan account number
    _________________.

    FAILURE OF THE VENDEE TO PAY TWO (2) CONSECUTIVE MONTHS shall give
    the VENDOR the right to immediately take the possession of the motor vehicle without
    court intervention, and declare this CONDITIONAL DEED OF SALE WITH
    ASSUMPTION OF MORTGAGE TERMINATED WITH THE VENDEE IN DEFAULT
    without regard to any civil or criminal case that the Vendor may file against the Vendee.

    - Vendee agrees to pay interest and penalties of the total amount due for delayed
    payment.
    - Obligation like periodic maintenance, insurance & registration will be paid and
    executed by the vendee.
    - Vendee cannot pawn or sell the vehicle while still on mortgage without the
    consent of the vendor.
    - That the vendor shall not be responsible for all accidents, damages or
    civil/criminal liabilities involving the said vehicle during the duration if this
    agreement.
    - That the necessary repairs, purchase of spare parts and other materials of the
    vehicle shall be shouldered by the vendee; the vendee agrees to safely use and
    maintain the vehicle in good working order at his own expense, and to keep it
    from other liens and encumbrances at his above-stated address, and not to
    transfer the vehicle outside Luzon without the consent of the Vendor.
    - That the ownership of the said motor vehicle remains with the Vendor and shall
    pass to and be transferred to the vendee only upon the complete payment of the
    Page - 2 -

    full consideration agreed upon, and upon execution of the DEED OF ABSOLUTE
    SALE.
    - That this agreement is binding not only upon the herein parties but also upon
    the legal heirs and successors-in-interest of the said parties.
    - Agents are not liable unsettled payments and any arguments between the
    vendor and the vendee.

    That only after FULL PAYMENT of the total amortization from the bank this agreement
    becomes ABSOLUTE and the motor vehicle’s registration and full ownership will be fully
    transferred to the Vendee.

    IN WITNESS WHEREOF, we have hereunto affixed our hands this


    _______________ at ________________, Philippines.

    ____________________________ ______________________________
    Vendor Vendee

    Signed in the presence of:

    ____________________________ _____________________________

    ACKNOWLEDGENT

    REPUBLIC OF THE PHILIPPINES)


    PROVINCE OF ________________) S.S
    CITY/MUNICIPALITY OF ____________)

    Before me, A Notary Public for and in the City/Municipality of ______________________


    appeared ______________________and _____________________ made know to me
    the same person who executed foregoing deed of sale of motor vehicle with assumption
    mortgage and they acknowledge before me that the same is their free and voluntary act
    and deed.

    WITNESS MY HAND AND SEAL, this _______ day of ______________________.

    Doc. No. ____.


    Page No. ____.
    Book NO. ____.
    Series of 20__.

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