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Deed Of Release And Reconveyance

Deed Of Release And Reconveyance Template for Nigeria

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Key Requirements PROMPT example:

Deed Of Release And Reconveyance

"I need a Deed of Release and Reconveyance for a residential property in Lagos, Nigeria, where the mortgage has been fully paid off by the homeowner on January 15, 2025, and we need to release the property from First National Bank's security interest."

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Document background
The Deed of Release and Reconveyance is a crucial document in Nigerian property law, used when a borrower has fully repaid their mortgage or satisfied all secured obligations. This document serves multiple purposes: it formally acknowledges the complete repayment of the secured debt, releases all security interests held by the lender, and legally transfers the property title back to the borrower. It must comply with Nigerian federal and state property laws, including the Land Use Act 1978 and relevant state mortgage regulations. The deed typically includes details of the original mortgage, confirmation of debt satisfaction, and specific property descriptions. It's particularly important in Nigeria's land administration system, where proper documentation of property releases is essential for maintaining clear title records and facilitating future property transactions.
Suggested Sections

1. Parties: Identification of the Releasor (typically the mortgagee/lender) and the Releasee (typically the mortgagor/borrower)

2. Background: Recitals detailing the original mortgage/charge, its registration details, and confirmation that all secured obligations have been satisfied

3. Definitions: Definitions of key terms used in the deed, including Property, Mortgage, Secured Obligations, etc.

4. Acknowledgment of Payment: Formal acknowledgment that all secured obligations have been fully satisfied

5. Release: Express release of all claims, rights, and interests in the property

6. Reconveyance: Formal reconveyance of the legal title to the property back to the Releasee

7. Representations and Warranties: Basic warranties regarding authority to release and absence of further encumbrances

8. Further Assurance: Commitment to execute any additional documents necessary to effect the release and reconveyance

9. Execution: Formal execution block meeting Nigerian requirements for deeds

Optional Sections

1. Indemnity: Optional provision where the Releasor indemnifies the Releasee against future claims - used in complex cases or where there might be third-party claims

2. Discharge of Guarantees: Required only if the original mortgage included guarantors who need to be released

3. Partial Release Provisions: Needed only in cases where the release applies to part of the secured property

4. Governing Law: While Nigerian law is implied, this section may be included for clarity, especially in cross-state transactions

5. Registration Instructions: Specific instructions regarding registration of the release - needed when dealing with registered land

Suggested Schedules

1. Property Description Schedule: Detailed legal description of the property being released and reconveyed

2. Original Security Documents: List and details of all security documents being discharged

3. Title Documents: Schedule listing all title documents to be returned to the Releasee

4. Registration Particulars: Details of original mortgage registration and any subsequent dealings

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




























Clauses




















Relevant Industries

Banking

Real Estate

Financial Services

Construction

Property Development

Housing Finance

Mortgage Services

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Mortgage Operations

Credit Administration

Property Management

Document Management

Risk Management

Compliance

Corporate Services

Relevant Roles

Mortgage Officer

Property Lawyer

Real Estate Manager

Bank Manager

Legal Counsel

Property Rights Officer

Conveyancing Lawyer

Mortgage Administrator

Credit Manager

Land Registry Officer

Property Administrator

Title Officer

Loan Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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