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Assumption Of Mortgage Form for Philippines

Assumption Of Mortgage Form Template for Philippines

A legal document governed by Philippine law that facilitates the transfer of mortgage obligations from an original borrower to a new assuming party. This document, compliant with the Civil Code of the Philippines and relevant banking regulations, formally establishes the terms and conditions under which a new borrower takes over the existing mortgage obligations. It includes detailed provisions for the transfer of rights and responsibilities, lender's consent, property details, and payment terms, all structured in accordance with Philippine property and banking laws, including requirements set forth by the Bangko Sentral ng Pilipinas.

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What is a Assumption Of Mortgage Form?

The Assumption of Mortgage Form is a critical legal instrument used in Philippine real estate transactions when an existing mortgage needs to be transferred from one party to another. This document is essential when a property buyer wishes to assume the seller's existing mortgage instead of obtaining new financing. The form must comply with Philippine banking regulations, particularly those set by the Bangko Sentral ng Pilipinas, and includes comprehensive details about the property, original mortgage terms, and the assuming party's obligations. It's commonly used in situations involving property sales, family transfers, or corporate restructuring where maintaining the existing mortgage terms is advantageous. The document requires careful attention to detail as it affects both the original borrower's release from obligations and the assuming party's new responsibilities under Philippine law.

What sections should be included in a Assumption Of Mortgage Form?

1. Parties: Identifies all parties involved: Original Mortgagor (Assignor), Assuming Party (Assignee), and Mortgagee (Lender)

2. Background: Outlines the existing mortgage details, property information, and reason for assumption

3. Definitions: Defines key terms used throughout the document

4. Property Description: Detailed legal description of the mortgaged property

5. Original Mortgage Details: Information about the original mortgage including date, principal amount, and current balance

6. Terms of Assumption: Specific terms under which the assuming party takes over the mortgage obligations

7. Assignee's Covenants: Promises and obligations of the assuming party

8. Assignor's Representations: Warranties and representations of the original mortgagor

9. Lender's Consent: Express approval from the mortgagee for the assumption

10. Effective Date: When the assumption becomes effective

11. Execution: Signature blocks and notarial acknowledgment

What sections are optional to include in a Assumption Of Mortgage Form?

1. Release of Original Mortgagor: Used when the original mortgagor is to be completely released from future obligations

2. Co-Borrower Provisions: Required when there are co-borrowers involved in the assumption

3. Property Insurance Requirements: Included when specific insurance requirements need to be transferred or modified

4. Down Payment Terms: Used when the assuming party is making a down payment to the original mortgagor

5. Modification of Original Terms: Included when any original mortgage terms are being modified as part of the assumption

6. Default Provisions: Additional specific provisions regarding default scenarios

7. Transfer of Escrow Accounts: When there are existing escrow accounts to be transferred to the assuming party

What schedules should be included in a Assumption Of Mortgage Form?

1. Schedule A - Property Details: Complete legal description of the property including boundaries, certificates of title, and tax declaration numbers

2. Schedule B - Original Mortgage Statement: Detailed breakdown of the current mortgage balance, payment history, and amortization schedule

3. Schedule C - Payment Terms: Detailed payment schedule and terms for the assumed mortgage

4. Appendix 1 - Required Documents: List of all documents required for the mortgage assumption process

5. Appendix 2 - Consent Documentation: Copies of all necessary consent forms from the lender and other relevant parties

6. Appendix 3 - Property Documents: Copies of property title, tax certificates, 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

Loan Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions






























Clauses





























Relevant Industries

Banking and Finance

Real Estate

Legal Services

Mortgage Services

Property Development

Housing and Construction

Financial Services

Insurance

Relevant Teams

Legal

Real Estate Operations

Mortgage Processing

Credit Analysis

Risk Management

Compliance

Document Processing

Property Services

Financial Advisory

Loan Operations

Relevant Roles

Mortgage Officer

Real Estate Attorney

Property Manager

Banking Officer

Loan Officer

Real Estate Broker

Legal Counsel

Credit Analyst

Financial Advisor

Risk Assessment Officer

Title Officer

Compliance Officer

Real Estate Agent

Document Specialist

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