Document background
The Lien Release Letter For Property is a critical document in Nigerian property transactions, used when a borrower has fully satisfied their obligations under a loan or other agreement secured by real property. This document becomes necessary when the original lien holder needs to formally acknowledge the satisfaction of debt and release their security interest in the property. Under Nigerian law, particularly the Land Use Act and state-specific property legislation, the release must be properly documented to enable the property owner to clear the title at the relevant land registry. The letter typically includes specific details about the property, the original lien, and clear language releasing the security interest. It must comply with local registration requirements and may need to be stamped in accordance with the Stamp Duties Act to be legally effective.
