Document background
The Mortgage Sale Agreement is a crucial document in Nigerian real estate transactions where property acquisition is facilitated through mortgage financing. This document is essential when a property sale involves mortgage funding and needs to comply with Nigerian property laws, particularly the Land Use Act 1978 and Federal Mortgage Bank regulations. It serves dual purposes: documenting the property sale and establishing the mortgage security. The agreement must account for specific Nigerian requirements such as Governor's consent for property transfers, proper registration with the lands registry, and compliance with state-specific property laws. It typically includes detailed provisions about the property, payment terms, security arrangements, and the rights and obligations of all parties involved. The document is particularly important in Nigeria's growing real estate market where mortgage financing is becoming increasingly common for property acquisitions.
