This document is a deed of sale with assumption of mortgage between a vendor/assignor and vendee/assignee. It transfers ownership and financing obligations of a described motor vehicle from the vendor to the vendee. The vendee agrees to pay the remaining loan balance to the original lender and hold the vendor harmless from any future liabilities related to the vehicle. Both parties signed the agreement on a specified date in the presence of a witness.

1. DEED OF SALE WITH ASSUMPTION OF MORTGAGE
KNOW ALL MEN BY THESE PRESENTS:
This Deed of Sale with Assumption of Mortgage is made and entered into by and between
_____________________________________________, of legal age, Filipino, with postal address at
_______________________________________________________________________________,
Philippines, hereinafter referred to as the VENDOR/ASSIGNOR
- And -
_________________________________ a Private financier of legal age married Filipino, with
postal address at __________________________________________________________________,
Philippines, hereinafter referred to as the VENDEE/ASSIGNEE
- Witnesseth -
That, in consideration of the sum of _______________________________________ pesos
(__________________________) Philippine Currency, receipt of which is hereby acknowledged
and confesses by the VENDOR/ASSIGNOR does hereby SELL, TRANSFER and CONVEY, in a
manner absolute and irrevocable, unto the VENDEE and ASSIGNEE, his heirs, successors, and
assigns, that motor vehicle which is registered in the name of the VENDOR/ASSIGNOR, and
encumbered to the ________________________________________________________ and which
is more particularly described as follows, to wit:
Make : ________________________________
Type : ________________________________
Year : ________________________________
Model : ________________________________
Serial No. : ________________________________
Motor No. : ________________________________
Plate No. : ________________________________
File No. : ________________________________
C.R, No. : ________________________________
Body Color. : ________________________________
That the VENDOR/ASSIGNOR further CEDES, TRANSFERS and ASSIGNS, unto the
VENDEE/ASSIGNEE, his responsibilities and obligation to _________________________________
with respect to the loan contracted there from, and the VENDEE/TRANSFEREE does hereby
assumes such obligations and undertakes to pay the liabilities contracted by the
VENDOR/ASSIGNOR with the _________________________________.
That the VENDEE/ASSIGNEE shall hold the VENDOR/ASSIGNOR free and harmless from
any claims or liability which may arise from the sale of said vehicle, including damages to the vehicle
and/or to third parties which may arise from any untoward incident involving the vehicles as a result of
the use and possession thereof. (See attached Affidavit of Undertaking of Vendor)
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands this ______ day of
_______, 2017 at __________________________, Philippines.
_____________________________. _____________________________
VENDEE/ASSIGNEE VENDOR/ASSIGNOR
Signed in the Presence of:
________________________
Witness
Doc no.____________
Page no.___________
Book no.___________
Series of 2017