Document background
A Release of Lien on Real Property is essential in Nigerian real estate transactions where a property needs to be cleared of existing encumbrances. This document is typically used when a debt or obligation secured by the property has been fully satisfied, or when the lien holder agrees to release their interest for other considerations. The release must comply with Nigerian property law requirements, including proper registration with relevant land registry offices. It includes specific details about the property, the original lien, and the parties involved, ensuring legal certainty in property dealings. This document is particularly important in Nigeria's property market, where clear title is crucial for property transactions and development projects. The release can be used for various types of liens, including construction liens, mortgage liens, or tax liens, and must be properly executed and registered to be legally effective under Nigerian law.
