Document background
The Private Mortgage Contract is a fundamental document in Nigerian real estate financing, used when a lender provides funding for property acquisition or refinancing secured against real estate. This document type is essential for both residential and commercial property transactions in Nigeria, requiring compliance with federal and state legislation including the Land Use Act, Mortgage Institutions Act, and Central Bank of Nigeria regulations. The contract typically includes comprehensive details about the property, loan terms, security arrangements, payment schedules, and enforcement mechanisms. It's particularly important that the document incorporates all necessary consents and approvals required under Nigerian law, including governor's consent where applicable, and follows strict registration requirements at the appropriate land registry.
