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Sunday, 10 July 2016

REASONS FOR INVESTIGATING BORROWER’S TITLE

a) To ascertain borrower’s ownership of the property mortgaged to the bank as security;

b) To ensure that the same property has not been previously mortgaged or charged as security;

c) To ascertain that there is no other encumbrances on the property.
land title documents with Lagos property lawyer
Credit - landsregistry.gov.uk 

Depending on the circumstances, investigation of the borrower’s title may require all or one of the following


a) a thorough scrutiny of the document, which may be a Deed of assignment, certificate of Occupancy, Land Certificate, Certificate of Purchase, Deed of Lease, etc.

b) physical inspection of the property;

c) searches at the land Registry, Probate Registry, Companies Registry, etc;

The brief for the investigation of title in a mortgage transaction is usually given out by Banks, through their legal Departments to External Solicitors. The solicitor should be thorough in establishing the worth of the documents using all known conveyancing practices and techniques as prescribed by law. After the search, the Solicitor writes a Search Report, which is sent to the Bank for consideration whether or not to accept the property as security. The solicitor should comment on the type and condition of the building, whether or not there are tenants, squatters, right of way or other encroachments.

To be continued with Checklist of Matters to be covered by a search report:

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1 comment:

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