Document background
The Mortgage Certificate of Title is a fundamental document in Nigerian property law and finance, established under the framework of the Land Use Act 1978 and related state legislation. This document is required when a property owner seeks to use their real estate as security for a loan or when a financial institution needs to register their interest in a mortgaged property. The certificate serves as official evidence of the mortgage registration and includes crucial details such as property description, ownership information, mortgage terms, and any existing encumbrances. It provides security for lenders while protecting the rights of property owners, and must be registered with the appropriate state land registry to be legally effective. The document plays a vital role in Nigeria's real estate financing system and is essential for both commercial and residential property transactions.
