Document background
The Real Estate Mortgage Agreement is a crucial document in Nigerian property financing, used when a property owner seeks to secure a loan using their real estate as collateral. This document must comply with the Land Use Act 1978, state property laws, and Central Bank of Nigeria regulations, with particular attention to obtaining necessary governmental consents. It's commonly used by banks, financial institutions, and property owners in both commercial and residential contexts. The agreement includes comprehensive details about the property, loan terms, parties' rights and obligations, default provisions, and enforcement mechanisms. Special consideration is given to Nigerian land tenure systems and state-specific requirements for property transactions. The document serves as both a security instrument and a regulatory compliance tool, protecting the interests of both lender and borrower while ensuring adherence to local legal requirements.
