Document background
A Certificate of Mortgage is a crucial document in Nigerian property financing that formalizes the creation of a mortgage interest over real property. This document is used when a property owner seeks to secure financing using their property as collateral, whether for personal or business purposes. The certificate must comply with various Nigerian laws, including the Land Use Act, Mortgage and Property Law, and relevant state-specific regulations. It serves as official evidence of the mortgage arrangement and must be properly registered with appropriate authorities. The document includes essential details such as property description, loan amount, repayment terms, and parties' obligations. In Nigeria, the certificate requires specific formalities including Governor's consent and proper stamping to be legally valid and enforceable.
