Consent To Mortgage Form Template for Nigeria

A formal document required under Nigerian law, specifically the Land Use Act of 1978, to obtain the state governor's consent for creating a mortgage over landed property. This document is a mandatory requirement for all mortgage transactions in Nigeria, serving as an official application for the governor's approval to create a legal mortgage. It contains detailed information about the property, the parties involved, and the proposed mortgage terms. The form must comply with state-specific requirements and be accompanied by supporting documentation including proof of ownership, property valuations, and relevant corporate authorizations where applicable.

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What is a Consent To Mortgage Form?

The Consent To Mortgage Form is a crucial document in Nigerian property transactions, necessitated by the Land Use Act of 1978 which vests all land in the state governors. This document must be filed whenever a property owner wishes to create a mortgage over their property, as no mortgage transaction can be legally complete without the governor's consent. The form includes comprehensive details about the property, the parties involved, and the proposed mortgage arrangement. It requires various supporting documents such as proof of ownership, tax clearance certificates, and property valuations. The document is particularly important in Nigeria's commercial centers where property financing is common, and failure to obtain proper consent can render a mortgage transaction void. Banks and financial institutions typically require this consent as a prerequisite for releasing mortgage funds.

What sections should be included in a Consent To Mortgage Form?

1. Parties: Details of the Property Owner (Mortgagor), the Lender (Mortgagee), and the Governor/Appropriate Authority

2. Background: Brief context about the property ownership and purpose of the mortgage

3. Definitions: Key terms used in the document including 'Property', 'Mortgage', 'Consent', 'Term' and other relevant definitions

4. Property Details: Comprehensive description of the property including title information, registration particulars, and location

5. Mortgage Terms: Basic details of the mortgage agreement including amount, duration, and purpose

6. Consent Request: Formal request for the Governor's consent to the mortgage transaction

7. Declarations: Statements confirming the accuracy of information provided and compliance with relevant laws

8. Execution: Signature blocks for all parties including witnesses

What sections are optional to include in a Consent To Mortgage Form?

1. Special Conditions: Any specific conditions or requirements attached to the consent request - used when there are unique circumstances or requirements

2. Multiple Properties: Additional section for cases where consent is sought for mortgaging multiple properties

3. Corporate Authorization: Required when the mortgagor is a company, including board resolution and corporate affairs commission details

4. Power of Attorney: Required when the application is being made through an authorized representative

5. Development Proposals: Required when the mortgage is connected to property development plans

What schedules should be included in a Consent To Mortgage Form?

1. Schedule 1 - Property Description: Detailed technical description of the property including survey plans, boundaries, and measurements

2. Schedule 2 - Title Documents: List and copies of all relevant title documents including Certificate of Occupancy or Deed of Assignment

3. Schedule 3 - Supporting Documents: List of all required supporting documents including tax clearance, proof of payment of ground rent, etc.

4. Appendix A - Forms: Standard forms required by the lands registry including Form 1C where applicable

5. Appendix B - Plans: Survey plans, building plans, and other relevant property plans

Authors

Alex Denne

Advisor @ GenieAI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Nigeria

Publisher

GenieAI

Document Type

Mortgage Document

Cost

Free to use

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