WHAT YOU NEED TO KNOW ABOUT MORTGAGE

WHAT YOU NEED TO KNOW ABOUT MORTGAGE

A Mortgage transaction over land/building is not just another land deal; it is the thin line between ownership and losing your property.

A mortgage is a legal agreement where you use your land or property as security for a loan. That means if you fail to repay the loan, the lender can take your property.

But a mortgage is not just about risk; it is a powerful financial tool. It helps you and your business access large sums of money to buy, develop or expand real estate without selling off assets.

Mortgages can fund construction, service old debts or inject working capital into your business.

One terrible mistake many people make is they copy templates online, use non-Lawyers or sign poorly drafted agreements. Most times it ends in loss of property and premium tears.

A proper Deed of Mortgage should clearly spell out the loan amount, interest rate, repayment terms, rights of the parties, remedies in default and power of sale clause.

If it is vague or incomplete, it can be set aside and you may pay dearly for it.

The law is that every transaction involving land, including mortgage, must be in writing. If it is not written, it is not valid. No writing, no mortgage. No excuses. Full stop.

So a mortgage must be drafted by an experienced Property Lawyer, as he understands the law, anticipates risks and protects your interest.

If you must mortgage, do it right.
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Phone: +234(0)7030868694 (Calls & Whatsapp)
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