The Discharge Of Mortgage Form is a critical document in Nigerian real estate transactions, used when a borrower has fully repaid their mortgage loan and requires formal release of the security interest in their property. This document is essential under Nigerian law, particularly in compliance with the Land Use Act 1978 and various state property laws. It serves as conclusive evidence that the mortgage has been satisfied and the property is unencumbered. The form must be properly executed, witnessed, and registered with the appropriate land registry. For corporate mortgagors or mortgagees, additional requirements such as board resolutions and corporate seals may be necessary. In some Nigerian states, the Governor's consent may be required for the discharge to be fully effective, particularly for certain categories of land.
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1. Title and Date: Clearly states 'Discharge of Mortgage' and the date of execution
2. Parties: Full details of the Mortgagee (lender) and Mortgagor (borrower), including registration numbers for companies or identification details for individuals
3. Original Mortgage Details: Reference to the original mortgage including date, registration details, and parties
4. Property Description: Full legal description of the mortgaged property as per the title documents
5. Discharge Declaration: Formal statement declaring the discharge of the mortgage and release of the property
6. Consideration: Statement confirming full repayment of the mortgage amount
7. Execution Block: Space for signatures, witnesses, and company seals where applicable
1. Partial Discharge Statement: Only required when releasing part of the mortgaged property while maintaining the mortgage over other parts
2. Power of Attorney Reference: Required only when the discharge is being executed by an attorney on behalf of the mortgagee
3. Consent of Governor: Required for certain land categories under the Land Use Act where Governor's consent was originally needed
4. Corporate Resolution Reference: Required when either party is a corporation, referencing the resolution authorizing the discharge
1. Property Schedule: Detailed description of the property including survey plans, boundaries, and title particulars
2. Original Mortgage Schedule: Copy or details of the original mortgage document including registration particulars
3. Payment Confirmation Schedule: Details of the final payment(s) made to satisfy the mortgage
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