Document background
The Deed of Assignment of Mortgage is a crucial document in Philippine property and finance law, used when transferring mortgage rights between parties. This document is commonly used in scenarios such as bank portfolio sales, debt restructuring, or when financial institutions reorganize their mortgage holdings. The deed must comply with specific requirements under Philippine law, including the Civil Code of the Philippines and the Property Registration Decree. It needs to be properly executed, notarized, and registered with the Registry of Deeds to be effective. The document typically includes comprehensive details about the original mortgage, the property involved, the outstanding debt, and the terms of assignment. It's particularly important in the banking sector where mortgage assignments are common during asset sales or securitization transactions.
