Deed of sale with assumption of mortgage car

Sample Deed of Sale of Motor Vehicle 

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Extract of deed sale :

That the cash down payment of ONE HUNDRED FORTY THOUSAND PESOS (P140,000) as stated above covers one (1) year insurance up to 04 July 2018 while the succeeding annual insurance renewal shall be for the account of the VENDEE;


         That the VENDEE shall bear the yearly registration costs beginning July 2018;


         That the VENDOR hereby warrants that the said motor vehicle is still under mortgaged with United Bank Inc.;


That the VENDEE agreed to pay the remaining  balance of FOUR HUNDRED FORTY FIVE THOUSAND AND NINE HUNDRED THIRTY TWO PESOS (P445,932.00)  thru the issuance of thirty six (36) post dated checks in favor of the VENDOR, upon execution of this document, to cover the monthly payments  from August 2017 to July 2020;


That each post dated check shall cover the monthly amortization of TWELVE THOUSAND THREE HUNDRED EIGHTY SEVEN PESOS only (P12,387.00), due every 10th of the month;


         That failure on the part of the VENDEE to fund the post dated checks on or before the stated amortization date, the VENDEE shall be charged with 5% penalty per month[MA1] ;


That in the event that the VENDEE failed to pay the amortization for two (2) consecutive months, the total outstanding balance, inclusive of penalties, shall be due and demandable.

 [MA1]Note that failure to fund the check on the amount stated will hold the drawer liable  for Estafa under Article 315 of the Revised Penal Code and the Bouncing Check Law. However, the option of proceeding this to a criminal case is at the option of the creditor

Sample Deed of Sale of Motor Vehicle