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The Deed of Sale with Assumption of Mortgage is a specialized legal instrument used in Philippine real estate transactions where the buyer agrees to take over the seller's existing mortgage obligations along with the property purchase. This document type is particularly useful in situations where the property has an outstanding mortgage and the buyer prefers to assume the existing loan rather than secure new financing. The deed must comply with Philippine civil law, banking regulations, and property registration requirements, making it essential for both residential and commercial property transactions. It includes comprehensive details about the property, existing mortgage terms, payment arrangements, and requires the explicit consent of the mortgagee. This document type serves as both a property transfer instrument and a mortgage novation agreement, effectively binding all three parties - seller, buyer, and mortgagee - in a single transaction.

1. Parties: Identifies all parties involved: the Seller, the Buyer, and the Mortgagee (usually a bank or financial institution)

2. Background: Outlines the current ownership of the property, existing mortgage details, and the intention to sell with mortgage assumption

3. Definitions: Defines key terms used throughout the deed including Property, Mortgage, Outstanding Balance, etc.

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

5. Purchase Price and Payment Terms: States the total purchase price, payment structure, and details of the assumed mortgage amount

6. Mortgage Assumption: Specifies terms and conditions of the mortgage assumption, including remaining balance, interest rate, and payment schedule

7. Representations and Warranties: Declarations by the seller regarding property ownership, absence of liens (except the stated mortgage), and other assurances

8. Buyer's Undertakings: Buyer's commitments regarding mortgage payments, compliance with mortgage terms, and property maintenance

9. Mortgagee's Consent: Formal consent of the mortgagee for the assumption of mortgage by the buyer

10. Transfer of Rights and Obligations: Details the transfer of property rights and mortgage obligations from seller to buyer

11. Closing and Registration: Requirements and procedures for closing the sale and registering the transfer

12. Governing Law: Specifies that the deed is governed by Philippine law

13. Execution: Signature blocks for all parties and notarization requirements