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Mortgage Broker Agreement In Principle

Mortgage Broker Agreement In Principle Template for Nigeria

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Mortgage Broker Agreement In Principle

"I need a Mortgage Broker Agreement In Principle under Nigerian law for an individual client seeking residential property financing, with specific provisions for digital communication and online document submission, to be effective from March 2025."

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Document background
The Mortgage Broker Agreement In Principle is a crucial preliminary document used in the Nigerian financial services sector when a client engages a mortgage broker to assist in securing mortgage financing. This agreement is typically executed before the broker begins the formal process of searching for and applying for mortgage products on behalf of the client. It establishes the framework for the professional relationship, including service scope, fee structures, and mutual obligations, while ensuring compliance with Nigerian banking regulations and financial services laws. The document is designed to protect both parties' interests and set clear expectations before substantial work or financial commitments are made. It's particularly important in the Nigerian context where mortgage brokerage must align with Central Bank of Nigeria regulations and local financial services legislation.
Suggested Sections

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

2. Background: Context of the agreement, including the client's intention to seek mortgage financing and the broker's qualification to provide such services

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

4. Scope of Services: Detailed description of the mortgage broker's services, including search for lenders, application assistance, and advisory services

5. Broker's Obligations: Specific duties and responsibilities of the broker, including regulatory compliance and professional standards

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

7. Fees and Commission: Structure and timing of broker's compensation, including any upfront fees and commission arrangements

8. Confidentiality: Provisions for handling sensitive financial and personal information

9. Duration and Termination: Term of the agreement and circumstances under which it can be terminated

10. Regulatory Compliance: Compliance with Nigerian banking and financial services regulations

11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

Optional Sections

1. Exclusivity: Terms granting the broker exclusive rights to act on behalf of the client, used when exclusive representation is agreed

2. Sub-broking Arrangements: Provisions for involving other brokers or intermediaries, included when sub-broking may be necessary

3. Insurance Requirements: Specific insurance obligations for either party, included when required by regulatory requirements or risk profile

4. Digital Communications: Terms governing electronic communications and online services, included for modern service delivery methods

5. Force Majeure: Provisions for unforeseen circumstances preventing performance, included in more comprehensive agreements

6. Anti-Money Laundering Provisions: Detailed AML procedures, included for high-value transactions or when dealing with corporate clients

Suggested Schedules

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

2. Schedule 2 - Service Details: Comprehensive list of services provided by the broker

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

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

5. Appendix A - Client Information Form: Standard form for collecting client information and requirements

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Real Estate

Banking

Property Development

Professional Services

Construction

Housing Finance

Relevant Teams

Legal

Compliance

Real Estate

Mortgage Operations

Financial Advisory

Risk Management

Customer Relations

Documentation

Property Services

Relevant Roles

Mortgage Broker

Financial Advisor

Real Estate Agent

Property Developer

Banking Relationship Manager

Compliance Officer

Legal Counsel

Financial Services Manager

Housing Finance Specialist

Property Investment Advisor

Mortgage Operations Manager

Industries
Central Bank of Nigeria Act 2007: Establishes the regulatory framework for financial institutions and intermediaries, including provisions affecting mortgage financing and brokerage services
Banks and Other Financial Institutions Act (BOFIA) 2020: Regulates banking and financial institutions operations, including mortgage-related activities and financial intermediation services
Money Laundering (Prevention and Prohibition) Act 2022: Sets requirements for financial transactions and due diligence procedures in financial services to prevent money laundering
Federal Competition and Consumer Protection Act 2018: Ensures fair business practices and protects consumer interests in financial services agreements
Mortgage Institutions Act: Provides specific regulations for mortgage-related institutions and their operations in Nigeria
Nigerian Financial Intelligence Unit Act 2018: Governs financial intelligence gathering and reporting requirements for financial transactions
Land Use Act 1978: Fundamental law governing land rights and property transactions in Nigeria, relevant for mortgage-related agreements
Contract Laws of Nigeria: General contract law principles governing formation and enforcement of agreements under Nigerian law
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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