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Mortgage Broker Contract

Mortgage Broker Contract Template for Nigeria

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Key Requirements PROMPT example:

Mortgage Broker Contract

"I need a Mortgage Broker Contract for my Lagos-based brokerage firm that mainly deals with residential properties, including provisions for online services and digital documentation compliance with the latest CBN regulations."

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Document background
The Mortgage Broker Contract is essential for formalizing professional relationships in Nigeria's mortgage industry. This document is typically used when a client engages a mortgage broker to assist in securing mortgage financing, whether for residential or commercial properties. The contract ensures compliance with Nigerian financial regulations, particularly those set by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria. It includes comprehensive details about service scope, fee structures, broker obligations, and client responsibilities, while incorporating necessary provisions for anti-money laundering compliance and consumer protection. The agreement is crucial for protecting both parties' interests and establishing clear professional boundaries and expectations in the mortgage brokerage relationship.
Suggested Sections

1. Parties: Identifies the mortgage broker and the client, including full legal names, addresses, and registration details

2. Background: Explains the context of the agreement, including the broker's qualifications and the client's desire to engage mortgage brokerage services

3. Definitions: Defines key terms used throughout the agreement, including technical and financial terminology

4. Scope of Services: Details the specific mortgage brokerage services to be provided, including loan sourcing, negotiation, and application assistance

5. Broker's Obligations: Lists the broker's duties, responsibilities, and professional commitments

6. Client's Obligations: Outlines the client's responsibilities, including providing accurate information and necessary documentation

7. Compensation and Fees: Details the broker's fee structure, payment terms, and any additional charges

8. Confidentiality: Establishes confidentiality obligations regarding client information and financial details

9. Compliance with Laws: Confirms adherence to Nigerian banking laws, CBN regulations, and anti-money laundering requirements

10. Term and Termination: Specifies the duration of the agreement and conditions for termination

11. Liability and Indemnification: Outlines liability limitations and indemnification provisions

12. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and sets jurisdiction for dispute resolution

Optional Sections

1. Exclusivity: Optional clause establishing whether the broker has exclusive rights to represent the client

2. Sub-contracting: Include when the broker may need to engage other professionals or services

3. Insurance: Details of professional indemnity insurance when required by specific circumstances

4. Marketing Authorization: Include when the broker needs client permission to use transaction details for marketing

5. Referral Arrangements: Include when there are third-party referral relationships to disclose

6. Distance Service Provisions: Include when services may be provided remotely or online

7. Force Majeure: Include to address unforeseeable circumstances preventing contract performance

Suggested Schedules

1. Schedule 1 - Fee Structure: Detailed breakdown of all fees, commissions, and payment terms

2. Schedule 2 - Service Details: Comprehensive list of specific services included in the agreement

3. Schedule 3 - Required Documentation: List of documents required from the client for mortgage applications

4. Schedule 4 - Compliance Checklist: Regulatory compliance requirements and documentation

5. Appendix A - Broker Credentials: Copies of broker's licenses, certifications, and registrations

6. Appendix B - Privacy Policy: Detailed privacy and data protection policies

7. Appendix C - Complaint Handling Procedure: Process for handling client complaints and disputes

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

Financial Services

Real Estate

Banking

Mortgage Services

Property Development

Investment Services

Professional Services

Consumer Services

Relevant Teams

Legal

Compliance

Real Estate

Finance

Risk Management

Operations

Client Services

Business Development

Documentation

Advisory Services

Relevant Roles

Mortgage Broker

Financial Advisor

Real Estate Agent

Property Manager

Legal Counsel

Compliance Officer

Banking Officer

Lending Manager

Financial Services Director

Real Estate Development Manager

Risk Manager

Contract Administrator

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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