Ƶ

Mortgage Loan Assumption Agreement for Philippines

Mortgage Loan Assumption Agreement Template for Philippines

A legal document governed by Philippine law that facilitates the transfer of mortgage loan obligations from an original borrower to an assuming party. This agreement outlines the terms and conditions under which the new borrower takes over the existing mortgage loan, including payment obligations, security arrangements, and compliance requirements. The document ensures compliance with Philippine banking regulations, property laws, and consumer protection requirements while protecting the interests of all parties involved in the transaction. It includes detailed provisions for loan assumption, continuing obligations, default scenarios, and remedies available under Philippine jurisdiction.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Download a Standard Template

4.6 / 5
4.8 / 5
Access for free
OR

Alternatively: Run an advanced review of an existing
Mortgage Loan Assumption Agreement

Let Ƶ's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.

What is a Mortgage Loan Assumption Agreement?

The Mortgage Loan Assumption Agreement is a crucial legal instrument in Philippine real estate and banking transactions that enables the transfer of mortgage obligations from one party to another. This document becomes necessary when a property buyer wishes to assume the existing mortgage of the seller, or when there's a need to transfer loan obligations to a different borrower while maintaining the original loan's security. The agreement must comply with Philippine banking regulations, the Civil Code, and relevant property laws, including the Real Estate Service Act and the Maceda Law. It typically includes comprehensive details about the original loan, property specifications, payment terms, and the assuming party's obligations. The document protects all parties' interests by clearly defining rights, responsibilities, and remedies while ensuring proper documentation for regulatory compliance and property registration purposes.

What sections should be included in a Mortgage Loan Assumption Agreement?

1. Parties: Identifies all parties to the agreement: Original Borrower (Assignor), Assuming Party (Assignee), and Original Lender

2. Background: Describes the original mortgage loan, property details, and circumstances leading to the assumption

3. Definitions: Defines key terms used throughout the agreement

4. Loan Assumption: Details the terms and conditions of the loan assumption, including the principal amount being assumed

5. Representations and Warranties: Statements of fact and guarantees by both the original borrower and assuming party

6. Rights and Obligations: Outlines the rights and responsibilities of each party after the assumption

7. Payment Terms: Specifies the payment schedule, interest rate, and method of payment

8. Security Continuation: Confirms the continuation of the original mortgage security and any additional security requirements

9. Default and Remedies: Describes events of default and the lender's remedies

10. Governing Law and Jurisdiction: Specifies that Philippine law governs the agreement and establishes jurisdiction for disputes

11. Notices: Details how formal communications between parties should be made

12. Execution: Signature blocks and notarization requirements

What sections are optional to include in a Mortgage Loan Assumption Agreement?

1. Co-Borrower Provisions: Required when there are co-borrowers involved in the original loan or assumption

2. Additional Security: Used when additional collateral or security is required for the assumption

3. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required

4. Property Management: Include when there are specific requirements for maintaining or managing the mortgaged property

5. Guarantor Provisions: Required when there are third-party guarantors for the assumed loan

6. Special Payment Arrangements: Used when there are non-standard payment terms or arrangements

What schedules should be included in a Mortgage Loan Assumption Agreement?

1. Schedule A - Property Description: Detailed legal description of the mortgaged property

2. Schedule B - Original Loan Details: Copy or summary of the original loan agreement and terms

3. Schedule C - Payment Schedule: Detailed amortization schedule for the assumed loan

4. Schedule D - Outstanding Balance Statement: Current loan balance and any arrears at the time of assumption

5. Schedule E - Required Documents: List of documents required for the assumption process

6. Appendix 1 - Consent Forms: Required consent forms from the original lender and other relevant parties

7. Appendix 2 - Property Documents: Copies of property title and other relevant property documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Publisher

Ƶ

Document Type

Finance Agreement

Cost

Free to use
Relevant legal definitions








































Clauses


































Relevant Industries

Banking

Real Estate

Financial Services

Mortgage Lending

Property Development

Legal Services

Housing Finance

Construction

Relevant Teams

Legal

Real Estate

Mortgage Operations

Credit Risk

Compliance

Property Management

Loan Processing

Documentation

Customer Service

Risk Management

Relevant Roles

Mortgage Officer

Loan Officer

Real Estate Attorney

Property Lawyer

Banking Compliance Officer

Real Estate Broker

Property Manager

Credit Risk Manager

Legal Counsel

Bank Manager

Real Estate Developer

Mortgage Underwriter

Property Assessor

Financial Advisor

Documentation Specialist

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Personal Auto Loan Contract

A Philippine-law governed agreement for vehicle purchase financing, establishing loan terms and security arrangements in compliance with local banking and consumer protection regulations.

find out more

Commercial Loan Contract

A Philippine law-governed agreement establishing terms and conditions for a commercial loan between a financial institution and a business borrower.

find out more

Family Member Loan Agreement

A Philippine law-governed agreement that formalizes loan arrangements between family members, establishing clear terms while maintaining familial relationships.

find out more

Business Investment Loan Agreement

A Philippine law-governed agreement establishing terms for a business investment loan between a financial institution and corporate borrower, including loan terms, security arrangements, and regulatory compliance requirements.

find out more

Legal Financial Agreement Between Two Parties

A Philippine law-governed agreement establishing financial obligations between two parties, incorporating local regulatory requirements and transaction frameworks.

find out more

Diy Loan Agreement

A comprehensive loan agreement template for use in the Philippines, ensuring compliance with local lending laws while protecting both lender and borrower interests.

find out more

Employees Loan Agreement

A Philippine law-compliant agreement establishing terms and conditions for an employer-provided loan to an employee, including repayment through salary deductions.

find out more

Model Loan Agreement

Standard loan agreement template compliant with Philippine law and banking regulations, suitable for various lending transactions.

find out more

Master Securities Loan Agreement

A Philippine law-governed framework agreement for securities lending transactions between financial institutions, establishing terms for multiple securities loans.

find out more

Film Equity Investment Agreement

A Philippine-law governed agreement establishing terms for equity investment in a film project, including investment structure, rights, and profit sharing arrangements.

find out more

Interest Loan Agreement

A Philippine law-governed agreement establishing terms for a loan with interest, including principal amount, interest rates, repayment terms, and security arrangements.

find out more

Co Financing Agreement

A legal agreement under Philippine law establishing terms for multiple parties to jointly finance a project, including rights, obligations, and coordination mechanisms between co-financiers.

find out more

Loan And Guarantee Agreement

A Philippine law-governed agreement establishing terms for a loan facility and associated guarantee, combining lending terms with guarantee obligations under Philippine banking regulations.

find out more

Mortgage Loan Assumption Agreement

A Philippine law-governed agreement that enables the transfer of mortgage loan obligations from an original borrower to an assuming party, outlining terms, conditions, and obligations of all parties involved.

find out more

Deed Of Accession Loan Agreement

A Philippine law-governed deed that enables a new party to join and become bound by an existing loan agreement's terms and conditions.

find out more

Co Borrower Loan Agreement

A Philippine law-governed agreement establishing joint liability between multiple borrowers for a loan, detailing terms, obligations, and shared responsibilities.

find out more

Bridge Loan Contract

A Philippine law-governed agreement establishing terms for temporary financing through a bridge loan, ensuring compliance with local banking regulations while securing interim funding needs.

find out more

Undertaking Loan Agreement

A Philippine law-governed loan agreement specifying terms, conditions, and obligations between lender and borrower, compliant with local banking regulations.

find out more

Trade Finance Agreement

A Philippine law-governed agreement establishing trade finance facilities between a bank and borrower, setting out facility terms, security arrangements, and regulatory compliance requirements.

find out more

Separation Financial Agreement

A Philippine law-governed agreement that formalizes the financial arrangements and asset division between separating spouses.

find out more

Project Finance Contract

A Philippine law-governed financing agreement for large-scale infrastructure or development projects, establishing terms for project financing, security arrangements, and implementation requirements.

find out more

Margin Loan Agreement

A Philippine law-governed agreement establishing terms for loans secured by securities as collateral, including margin requirements and enforcement provisions.

find out more

Loan Swap Agreement

A Philippine law-governed agreement enabling the exchange of loan payment obligations between parties, including interest rate and/or currency swaps, with compliance to local banking regulations.

find out more

Loan Borrower Agreement

A Philippine law-governed agreement establishing terms and conditions for a loan between a lender and borrower, ensuring compliance with local banking and financial regulations.

find out more

Friends And Family Loan Agreement

A Philippine law-governed agreement that formalizes and documents loan arrangements between family members or friends, establishing clear terms and protecting both parties' interests.

find out more

Financing Contract Agreement

A Philippine law-governed agreement establishing terms and conditions for a financing arrangement between lender and borrower, including facility details, security, and regulatory compliance requirements.

find out more

Debt Agreement Loans

A Philippine law-governed agreement establishing loan terms between lender and borrower, including amount, interest, repayment schedule, and security arrangements.

find out more

Car Mortgage Agreement

A Philippine law-governed agreement establishing a security interest in a vehicle as collateral for a loan, detailing financing terms and parties' obligations.

find out more

Car Installment Agreement

A Philippine law-governed agreement establishing terms for vehicle purchase through installment payments, including financing terms, ownership rights, and party obligations.

find out more

Business Loan Contract

A Philippine law-governed agreement establishing terms and conditions for a business loan between a financial institution and a business entity.

find out more

Bridge Facility Agreement

A temporary financing arrangement under Philippine law providing interim funding until permanent financing is secured, subject to local banking regulations and BSP requirements.

find out more

Installment Loan Agreement Promissory Note

A Philippine law-governed combined installment loan agreement and promissory note that establishes loan terms, repayment schedules, and security arrangements.

find out more

Commercial Finance Agreement

A Philippine law-governed agreement establishing terms and conditions for commercial financing between a lender and corporate borrower.

find out more

Mortgage Bond Agreement

A Philippine law-governed agreement establishing terms for issuing bonds secured by real estate mortgage, detailing security interests, bond terms, and regulatory compliance requirements.

find out more

Master Asset Finance Agreement

A Philippine law-governed master agreement establishing terms for multiple asset-based financing transactions between financier and borrower.

find out more

Car Loan Security Agreement

A Philippine-law governed security agreement creating a lender's security interest over a financed vehicle, incorporating mandatory consumer protection provisions and disclosure requirements.

find out more

Small Business Loan Agreement

A Philippine-law governed agreement establishing terms and conditions for lending to small businesses, including loan terms, security arrangements, and regulatory compliance requirements.

find out more

Recourse Loan Agreement

A Philippine law-governed loan agreement giving the lender rights to pursue the borrower's assets beyond collateral in case of default.

find out more

Loan Agreement Between Lender Borrower And Guarantor

A Philippine law-governed agreement establishing loan terms between lender, borrower, and guarantor, including loan conditions, guarantor obligations, and security provisions.

find out more

Loan Amortization Agreement

A Philippine-compliant agreement detailing loan terms and structured repayment schedules through regular amortization installments.

find out more
See more related templates

ұԾ’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ұԾ’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

We are ISO27001 certified, so your data is secure

Organizational security:

You retain IP ownership of your documents and their information

You have full control over your data and who gets to see it