Document background
The Offer Letter Mortgage is a crucial document in Nigerian real estate financing that initiates the formal mortgage relationship between a lender and borrower. It is typically issued after a successful mortgage application and preliminary approval process. The document serves multiple purposes: it confirms the lender's willingness to provide financing, specifies the approved loan amount and terms, outlines the security requirements, and details the conditions that must be met before the mortgage can be completed. Under Nigerian law, particularly the Federal Mortgage Bank Act and Land Use Act, this document must include specific elements and disclosures. The offer letter forms the basis for the subsequent mortgage agreement and must align with Central Bank of Nigeria regulations and consumer protection requirements. It is used both in residential and commercial property transactions and may vary depending on the type of mortgage product, property, and borrower category.
