CREATION OF LEGAL MORTGAGES UNDER THE NIGERIAN LAW
A mortgage can be defined as a legal document by which the owner (i.e., the buyer) transfers to the lender an interest in real estate to secure the repayment of a debt, evidenced by a mortgage note. When the debt is repaid, the mortgage is discharged, and a satisfaction of mortgage is recorded with the register or recorder of deeds in the county where the mortgage was recorded. Because most people cannot afford to buy real estate with cash, nearly every real estate transaction involves a mortgage.
The mode of creation of a legal mortgage depends on where the property is located, and Nigeria may be divided into three jurisdictions namely – the C. A States, P & C. L States, and land under Registration of Titles Law, Lagos.
1. Conveyancing Act (C. A) States – There is no statutory provision governing the mode of creation of a legal mortgage in these States, therefore, the...download to continue reading