Document background
The Mortgage Contract Agreement is a fundamental document in Nigerian property financing, essential for both residential and commercial property transactions. It creates a legally binding arrangement where a property serves as security for a loan, governed by Nigerian law, particularly the Land Use Act of 1978 and relevant Central Bank of Nigeria regulations. This document is utilized when a borrower seeks financing for property purchase, development, or refinancing, and requires careful consideration of local land tenure systems, state-specific requirements, and federal banking regulations. The agreement typically includes comprehensive details about the property, payment terms, rights and obligations of all parties, enforcement mechanisms, and specific requirements for property registration and title perfection under Nigerian law.
