The Mortgage Payoff Form is a crucial document in Nigerian property transactions that formally details the requirements for discharging a mortgage loan. It is typically used when a borrower is preparing to pay off their mortgage, either at the natural end of the loan term, through refinancing, or in preparation for a property sale. The form must comply with Nigerian banking regulations, particularly those set forth by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria. When issuing a Mortgage Payoff Form, lenders must include precise calculations of the remaining principal, accrued interest, and any additional fees or charges, along with a clear validity period for the quoted amount. The document serves as both a formal statement of the amount required to satisfy the loan and as evidence of the lender's commitment to release their security interest in the property upon receipt of the specified payment.
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1. Lender Information: Full legal name and contact details of the mortgage lender/bank
2. Borrower Information: Full legal name(s) and contact details of all borrowers on the mortgage
3. Property Details: Legal description and address of the mortgaged property, including title information
4. Loan Information: Mortgage account number, original loan amount, and date of origination
5. Payoff Amount: Statement of the final payoff amount, including principal, interest, and any fees
6. Payoff Validity Period: The period for which the stated payoff amount remains valid
7. Payment Instructions: Detailed instructions for submitting the final payment, including wire transfer or payment details
8. Release Confirmation: Statement confirming that the mortgage will be released upon receipt of full payment
9. Authorization: Signature sections for authorized representatives of the lender
1. Third Party Authorization: Required when someone other than the borrower is authorized to receive payoff information or make the payment
2. Partial Release Details: Used when only a portion of the mortgaged property is being released
3. Per Diem Interest: Section detailing daily interest charges if payment is made after the quote date
4. Escrow Account Information: Details about any escrow account balances and their disposition
5. Outstanding Charges: List of any additional fees or charges that must be paid before release
6. Subordination Information: Required when there are multiple liens and specific subordination arrangements
1. Property Description Schedule: Detailed legal description of the property including surveys and boundaries
2. Payment History: Detailed record of payments made throughout the life of the mortgage
3. Fee Breakdown: Itemized list of all fees and charges included in the payoff amount
4. Required Documentation Checklist: List of all documents required to complete the mortgage payoff process
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