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The Contract For Deed With Existing Mortgage is a specialized agreement commonly used in Philippine real estate transactions where traditional financing methods may not be suitable or available. This document is particularly relevant when sellers wish to sell their mortgaged property while maintaining title ownership until full payment is received from the buyer. It addresses the complexities of having an existing mortgage while selling property through installment payments, ensuring compliance with Philippine property laws, banking regulations, and consumer protection statutes. The contract includes detailed provisions for payment terms, mortgage obligations, property maintenance, default remedies, and eventual title transfer, making it essential for both residential and commercial property transactions in the Philippines.

1. Parties: Identification of the Seller (current property owner) and Buyer, including complete legal names, addresses, and civil status as required under Philippine law

2. Background: Context of the transaction, including acknowledgment of existing mortgage, current property status, and intention of parties

3. Definitions: Key terms used throughout the agreement, including specific Philippine legal terminology

4. Property Description: Detailed legal description of the property, including lot number, location, boundaries, and title certificate number

5. Purchase Price and Payment Terms: Total purchase price, payment schedule, and terms of installment payments

6. Existing Mortgage Acknowledgment: Details of the existing mortgage, including outstanding balance, mortgagee, and terms

7. Transfer of Rights and Title: Conditions and process for the eventual transfer of property rights upon completion of payments

8. Buyer's Obligations: Responsibilities including payments, maintenance, insurance, and compliance with laws

9. Seller's Obligations: Responsibilities including mortgage payments, maintenance of title, and eventual transfer

10. Default and Remedies: Consequences of default by either party and available remedies

11. Risk and Insurance: Allocation of risk and required insurance coverage

12. Property Maintenance and Expenses: Responsibilities for maintenance, repairs, taxes, and other expenses

13. Notices: Process for giving formal notices between parties

14. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

15. Execution: Formal signing requirements including notarization as per Philippine law