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The Deed Of Sale Of Motor Vehicle With Assumption Of Mortgage is a crucial legal instrument in the Philippine jurisdiction that serves a dual purpose: transferring vehicle ownership and reassigning mortgage obligations. This document is typically used when a vehicle owner wishes to sell their mortgaged vehicle before fully paying off the loan, and the buyer agrees to take over the remaining mortgage payments. It must comply with various Philippine regulations, including the Civil Code, Land Transportation and Traffic Code (RA 4136), and relevant banking and financial regulations. The document includes comprehensive details about the vehicle, parties involved, outstanding mortgage balance, payment terms, and conditions for the transfer. It requires careful drafting to protect all parties' interests and ensure smooth processing with both the Land Transportation Office and the mortgage holder. The document is particularly important in the Philippine context where vehicle financing and subsequent transfers are common transactions requiring formal documentation and regulatory compliance.

1. Parties: Identifies and provides complete details of the Seller, Buyer, and Original Mortgagee

2. Background: Outlines the current ownership status of the vehicle, existing mortgage arrangement, and intention to transfer both ownership and mortgage obligations

3. Definitions: Defines key terms used throughout the deed including 'Vehicle', 'Mortgage', 'Outstanding Balance', and other relevant terms

4. Vehicle Details: Comprehensive description of the motor vehicle including make, model, year, color, engine number, chassis number, plate number, and registration details

5. Sale Price and Payment Terms: Specifies the total sale price, payment structure, and any down payment arrangements

6. Mortgage Details: Details of the existing mortgage including original amount, outstanding balance, interest rate, and payment terms

7. Transfer of Rights and Obligations: Formal transfer of vehicle ownership and assumption of mortgage obligations from seller to buyer

8. Representations and Warranties: Warranties regarding vehicle condition, ownership, existing liens, and seller's authority to transfer

9. Mortgagee's Consent: Written consent and acknowledgment from the mortgagee regarding the transfer of mortgage obligations

10. Registration and Transfer Requirements: Obligations regarding vehicle registration transfer and documentation requirements

11. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction

12. Execution: Signature blocks for all parties including witnesses and notary requirements