DEED OF ASSIGNMENT OF MOTOR VEHICLE

WITH ASSUMPTION OF MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This Deed of Sale of Motor Vehicle with Assumption of Mortgage is made and
entered into this __ day of August 2016, in the City of Manila, Philippines, by and between:

_________________________________, of legal age,

Filipino, married to ___________________________
and
with
residence
at
___________________________________, and is
hereinafter to referred to as the SELLER.

-and-

_________________________________, of legal age,

Filipino, married to ___________________________
and
with
residence
at
___________________________________, and is
hereinafter to referred to as the BUYER.

WITNESSETH:
WHEREAS, the SELLER bought (insert the car and its model, ex. 2016
Ford Hatchback) from (insert name of the dealer) on (insert date here).
WHEREAS, to facilitate the sale of above-mentioned motor vehicle,
SELLER sought the assistance of EASTWEST BANK to finance the sale of the
same, evidenced by the herein attached documents.
WHEREAS, the SELLER unfortunately made plans to immigrate to
Canada for personal reasons, and therefore would no longer be able to continue
the instalment payments of the motor vehicle.
WHEREAS, the SELLER offered to BUYER the assumption of the
instalment payment of the vehicle, and the latter did in fact agree to assume
said instalment payment.

Deed of Assignment
Motor Vehicle
x-------------------------------x

WHEREFORE, for and in consideration of the foregoing premises, the

parties have mutually agreed as follows:

RESPONSIBILITIES OF THE SELLER

1.

SELLER transfers and conveys to BUYER a (insert the car and its model),
which is more particularly described as follows:
MAKE
MODEL
TYPE
SERIAL NO.
MOTOR NO.
PLATE NO.
FILE NO.

2.

SELLER, pursuant to this Deed of Assignment, will not require the

BUYER to pay or advance any amount except that which is part of the
instalment payment.

3.

After the BUYER has finished paying the instalment as required by

EASTWEST BANK, the SELLER, or any of her legal representatives, will
transfer to him full ownership and title to the motor vehicle.

RESPONSIBILITIES OF THE BUYER

ACKNOWLEDGMENT

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