Deed Of Real Estate Mortgage Template for Philippines

The Deed of Real Estate Mortgage is a crucial legal instrument in Philippine property and lending transactions, used when a property owner needs to secure a loan using their real estate as collateral. This document type is governed by the Civil Code of the Philippines, Property Registration Decree (PD 1529), and various banking regulations issued by the Bangko Sentral ng Pilipinas. It must contain specific elements required by Philippine law, including detailed property descriptions, loan terms, and parties' obligations. The deed becomes effective upon proper execution and registration with the Register of Deeds, providing the mortgagee with enforceable rights over the property in case of default. This document is particularly important in banking, real estate financing, and property development sectors, offering security to lenders while allowing property owners to leverage their real estate assets.

1. Parties: Identification of the Mortgagor (property owner) and Mortgagee (lender), including their complete names, civil status, addresses, and tax identification numbers

2. Background: Recitals explaining the context of the mortgage, including references to any loan agreement and the mortgagor's ownership of the property

3. Definitions: Definitions of key terms used throughout the deed, including 'Property', 'Secured Obligations', 'Event of Default', etc.

4. Creation of Mortgage: Express declaration creating the mortgage and charging the property as security

5. Property Details: Comprehensive description of the mortgaged property, including its location, boundaries, and title details

6. Secured Obligations: Description of the debt or obligation secured by the mortgage, including principal amount, interest rate, and payment terms

7. Representations and Warranties: Mortgagor's declarations regarding property ownership, authority to mortgage, and absence of encumbrances

8. Covenants: Ongoing obligations of the mortgagor regarding property maintenance, insurance, payment of taxes, and other responsibilities

9. Events of Default: Circumstances that constitute default and trigger the mortgagee's enforcement rights

10. Remedies: Rights and remedies available to the mortgagee upon default, including foreclosure procedures

11. Insurance: Requirements for property insurance and assignment of insurance proceeds

12. Registration and Stamp Duty: Provisions regarding registration of the mortgage and payment of associated fees

13. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

14. Execution: Formal execution block including notarization requirements