Document background
The Release Of Mortgage Document is a crucial legal instrument in Nigerian property transactions that formally terminates a mortgage relationship between parties. It is typically used when a borrower has fully repaid their mortgage loan or otherwise satisfied all obligations under the mortgage agreement. The document must comply with Nigerian federal and state property laws, including the Land Use Act and local land registry requirements. It includes essential details such as the parties' information, property description, original mortgage particulars, and confirmation of loan satisfaction. This document is particularly important as it clears the property's title from the mortgage encumbrance, allowing the owner to deal with the property freely or use it for future financing. The Release of Mortgage Document must be properly executed, witnessed, and registered with the appropriate land registry to be legally effective.
