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Deed of Assignment With Assumption

This document is a Deed of Assignment of Rights whereby an Assignor transfers and assigns all rights and obligations under a Contract to Sell real estate to an Assignee. The Assignee accepts the assignment and assumes all obligations of the Assignor under the original contract. The assignment will not take effect until approved by the Developer. Both parties are responsible for taxes and will indemnify the Developer from any liabilities or losses arising from the assignment.

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Jecky Delos Reyes
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2K views3 pages

Deed of Assignment With Assumption

This document is a Deed of Assignment of Rights whereby an Assignor transfers and assigns all rights and obligations under a Contract to Sell real estate to an Assignee. The Assignee accepts the assignment and assumes all obligations of the Assignor under the original contract. The assignment will not take effect until approved by the Developer. Both parties are responsible for taxes and will indemnify the Developer from any liabilities or losses arising from the assignment.

Uploaded by

Jecky Delos Reyes
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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DEED OF ASSIGNMENT OF RIGHTS

WITH ASSUMPTION OF OBLIGATIONS

KNOW ALL MEN BY THESE PRESENTS:

This Deed of Assignment of Rights (“DEED” for brevity) is entered into by and between:

__________________________, Filipino citizen, of legal age, with residence and


postal address at _____________________________, represented by her
Attorney-in-Fact, _______________________, of legal age, Filipino, with address
at _____________________________________________, by virtue of the
attached Special Power of Attorney dated _________________ (“ASSIGNOR” for
brevity)
and

__________________________________________, (the "Corporation"), with


principal and postal address at ______________________________________,
represented by its President, ______________________________________, by
virtue of the Secretary’s Certificate dated _______________ (“ASSIGNEE” for
brevity).

Witnesseth

WHEREAS, by virtue of a Contract to Sell (“CONTRACT” for brevity, attached hereto as


Annex “A”) made and entered into by and between
_________________________________________
(“DEVELOPER” for brevity) and ASSIGNOR on ______ identified as Doc. No. ____ on Page
____ of Book ____ , Series of ____ of the Notarial Register of _______________, a Notary
Public for Pasig, the DEVELOPER agreed to sell to the ASSIGNOR, and the ASSIGNOR
agreed to buy from the DEVELOPER, a Commercial Unit and parking slot in
_____________________ (“_______________” for brevity), more particularly described in the
CONTRACT, which is as follows:

WHEREAS, ASSIGNOR desires to assign all of her rights, interests and obligations under the
CONTRACT to ASSIGNEE, and the ASSIGNEE desires to step into all of said rights and
interests and assume all of said obligations under the CONTRACT.

NOW, THEREFORE, in consideration of the agreed total amount already paid by ASSIGNEE to
ASSIGNOR, the latter does hereby assign(s), transfer(s) and convey(s) all of her rights, interest
and obligations under the CONTRACT to ASSIGNEE, subject to the following terms and
conditions:

1. ASSIGNOR certifies and guarantees that its account with DEVELOPER is current and it
has not violated any of the conditions stipulated in the CONTRACT;

2. ASSIGNEE affirms that it read and fully understood the provisions of the CONTRACT.
ASSIGNEE accepts this assignment and steps into all the rights, interests and obligations
of ASSIGNOR under the CONTRACT, particularly the obligation to pay the balance of
the Total Contract Price in accordance with the CONTRACT. ASSIGNEE likewise
certifies that it read the Master Deed with Declaration of Restrictions (as amended and/or
supplemented) of the (PROJECT), and promises and binds itself to faithfully comply
with all the terms, restrictions, and conditions mentioned therein;

3. ASSIGNOR and the ASSIGNEE agree that this DEED shall become effective as against
DEVELOPER and third persons only if and when the same is approved by
DEVELOPER, and if the approval is given, the assignment shall be deemed effective
upon the date of execution by the parties of this DEED;

4. ASSIGNOR and ASSIGNEE are both aware of the possible tax consequences of this
transaction, including, but not limited to, the imposition of capital gains tax and
documentary stamp tax, and hereby bind themselves jointly and severally to shoulder
and pay any and all taxes, fees and charges that may arise as a consequence of, or an
incident to, the execution of this DEED. ASSIGNOR and ASSIGNEE further bind
themselves jointly and severally to keep DEVELOPER free and harmless, and defend
DEVELOPER, at their exclusive expense, from and against any and all liabilities,
expenses, damages, and losses that may now or hereafter arise as a consequence of, or an
incident to, the execution of this DEED, the DEVELOPER’s approval of this DEED, and
the assignment of rights and obligations between the parties, or any dispute between the
parties or their successors-in-interest in connection with this assignment; and

5. ASSIGNOR and ASSIGNEE both undertake to jointly and severally execute and submit
to DEVELOPER any and all documents, as well as perform any and all acts, required by
DEVELOPER as a condition for the approval of this DEED and in relation to any tax
implications arising from the execution, approval and implementation of this DEED.

IN WITNESS WHEREOF, we have hereunto set our hands in __________ on __________.

___________________________ ___________________________
ASSIGNOR ASSIGNEE
By:
By:

___________________________
___________________________
Attorney-in-Fact

SIGNED IN THE PRESENCE OF

________________________ _________________________
ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)


_____________________________)S.S.

BEFORE ME, a notary public in and for the place and on the date above-written personally
appeared the following:

Name Competent Evidence of Identity Date/Place of Issue

known to me and to me known to be the same persons who executed the foregoing instrument
entitled “Deed of Assignment of Rights” consisting of three (3) pages, including the page on
which this Acknowledgment is written and signed on all pages by the parties and their
instrumental witness, and they acknowledged to me that the same is their free and voluntary act
and deed.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal at the place
and on the date above-written.

Doc. No. ______;


Page No. ______;
Book No. ______;
Series of 2023

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