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;
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:
Thank you for reading, If you find the post helpful, I’d love to hear your thoughts in the COMMENT box. Also, don't forget to LIKE and SHARE with your social media friends, family, colleagues, social members, neighbours and everyone in your world, who you think might find this information useful..Lastly SUBSCRIBE to our website via Email to get the latest updates directly in your mail box for FREE. Your email address is safe with us! SUBSCRIBE BELOW !!! Send your Adverts/Listing/Press Release/Articles to emmanadebayo@gmail.com
REVIEWS and CAVEAT : We hope you have found this information helpful. Please note that this information is provided for general informational purposes only and is not intended to be legal advice. No lawyer-client relationship is formed nor should any such relationship be implied. Any post, article, or comment or opinion expressed is not intended to substitute for the advice of a qualified lawyer, but that of the individual who made the contribution. If you require legal advice, please consult with a qualified lawyer. If you need assistance in contacting a lawyer, you may contact us via email emmanadebayo@gmail.com and we would be glad to match you with a lawyer who meets your requirements. Send in all your property briefs: Request | Letting | Sale | Lease | Warehouse | Land We deliver at a swift pace!
PropertyExpert.ng is a Nigeria property website for real estate and property to rent, property search nigeria for sale and lease including houses, flats, land and
ReplyDelete