MORTGAGE INSTITUTIONS

‎

(1)FEDERAL MORTGAGE BANK

This is the apex mortgage institution in Nigeria. It grants loan for the purchase or construction of houses or for the improvement or extension of existing ones. Its loans are usually long-term. It is a Federal Government agency and should be a preferred mortgage institution for the following reasons:

1.It gives long-term credit facilities.

2.The interest rate of the bank is low.

3.It has branches spread all over the country.

Credit- michiganmortgagesolutions.com

MORTGAGE AND RELATED TRANSACTIONS

(1) A MORTGAGE AND A PLEDGE

A pledgee’s right originates from possession. A pledge involves actual or constructive delivery of possession to the pledgee on the condition that the property would be returned when loan is repaid. In other words, a pledge is hinged on possession. This is not the case with a mortgage. A mortgagee, though may enter into possession in some circumstances, is not encouraged to do so because if he does, he will account to the mortgagor for the profits he has made and also for the profits he ought to have made on the property.

Credit - oml.org.uk

CONTRACT SUBJECT TO MORTGAGE

A contract of sale of land entered into in expectation of some loan should be made conditional upon your client (purchaser/borrower) obtaining the loan. The contract should also provide that in the event that the loan is not obtained, the vendor shall return the deposit paid by the purchaser; this is what is referred to as contract subject to a mortgage as stated by Law Repository. 

Photo - backyardwealth.wordpress.com

REASONS FOR THE PREFERENCE OF LAND AS AGAINST OTHER PROPERTIES AS SECURITY FOR A LOAN

The reasons for this preference are not far-fetched as highlighted by Law Repository: 

1.Landed properties are more stable.

2.The value of land appreciates than the others, particularly in times of inflation.

3.Land is immovable and we can go to the land and inspect it physically.

4.It is easier for banks and other mortgagees to enforce their security in the case of landed properties than other properties.

MORTGAGES

Meaning:

According to Megary & Wade in The Law of Real Property, the essential nature of a mortgage is that it is a conveyance of a legal or equitable interest in property, with a provision for redemption, that is, that upon repayment of a loan or performance of some other obligation, the conveyance shall become void or the interest shall be re-conveyed.

AISL LTD(2007) 10 NWLR (pt 1043) 590.See also SANTLEY V. WILDE(1899) 2 CH. 474;OLOWU V. MILLER BROTHERS (LIVERPOOL) LTD(1922) 13 NLR 110, particularly at page 111. 

Photo- firstamericanrealty.com

Lagos To Jail Street Hawkers & Buyers From Today - Governor Ambode

The Lagos State Government on Friday said that from July 1, 2016, it would commence a total enforcement against street trading and street hawker banning their activities across the metropolis would take its full course.

Speaking at a live interview session on Television Continental, the State Governor, Mr. Akinwunmi Ambode said that the renewed enforcement is in line with Section One of the Lagos State Street Trading and Illegal Market Prohibition Law 2003 which restricts street trading and hawking in the metropolis.

Photo - nairaland.com

Regulatory Bodies in Nigeria Real Estate

Regulatory Bodies in Nigerian Real Estate

The Real Estate Industry is a massive one and it’s no wonder there are quite a number of regulatory bodies for the various professions contained in the industry. The regulatory bodies in Nigerian Real Estate include but are not restricted to the following;

Photo- bhomes.com

Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON)

Why the services of a Lawyer is required for investigation of title

WHY THE SERVICES OF A LAWYER IS REQUIRED FOR INVESTIGATION OF TITLE

1. A Lawyer would make sure that a proper investigation is conducted as well as to conduct a physical inspection of the property.

Photo- 247ureports.com

Lagos outlaws Omo-Onile, sets up 5-man task force

Lagos State government on Monday warned that it is set to visit the activities of land grabbers, also known as Omo-onile, in the state with full wrath of the law. The warning was delivered by the government through the state Attorney-General and Commissioner for Justice, Mr Adeniji Kazeem who said the state is ready to apply the full wrath of the law on anybody caught forcibly taking another person’s land in the state.

Synagogue Contractors Released From Kirikiri Prison

Weeks after they were granted bail by the court, the contractors that handled the construction of the collapsed Synagogue, Church of All Nations (SCOAN) building, Akinbola Fatiregun and Oladele Ogundeji, were on Monday 20 June, 2016 released from the Kirikiri Maximum Prisons after meeting all their bail conditions.

The two engineers had been remanded in prison pending trial for alleged manslaughter and criminal negligence, charges levelled against them by the Lagos State Government. Following the ruling of the judge that they be remanded in prison custody, their bail application was filed and subsequently granted, although meeting its conditions took a while due to their stringent nature. Having been released, the engineers are expected to be in court for the continuation of their trial.

Meanwhile, at the resumed trial last week, counsel to defendants cross-examined the witness representing the Nigerian Building and Road Research Institute (NIBRRI) and the Council of Registered Engineers in Nigeria (COREN), Engineer Victor Oyenuga.

Lateef Fagbemi (SAN) pointed out to the witness the fact that there is no proof of any correspondence between NIBRRI and COREN regarding the report of the committee said to have been set up by COREN which suggested structural faults were responsible for the tragic incident.

Photo - nigeriarealestatehub.com

How N3,750 can save you from losing millions of naira

There is no denying the fact that thousands of scammers out there are reaping from the ignorant with non-existent properties or properties that have so many encumbrances. It therefore goes without saying that you conduct a search on that property/land before you make any financial commitment because if you do not, that land/house you bought for millions or even billions of naira might not actually be yours.

Photo - dacare-legal.com

Limitations of the Nigerian Conveyancing Law Practice

LIMITATIONS OF THE NIGERIAN CONVEYANCING LAW PRACTICE

ARE AS FOLLOWS:

1.Multiplicity of Laws

2.Illiteracy

3.Failure of purchasers to consult solicitors until very late in the transaction

4.Professional incompetence and lack of diligence amongst lawyers

ADVERT: NEW OFFICE COMPLEX FOR LEASE AND AN OPTION FOR OUTRIGHT SALE AT ALLEN AVENUE, IKEJA

A newly built 9 storey office complex along the ever busy Allen Avenue road is availble for lease.

DETAILS:
An architectural piece of premium office complex having Nine (9) floors measuring:

Photo- lagospropertylawyer.blogspot.com 

What goes around comes around

LIFE IS TURN BY TURN !!!

Some 10years ago, Diego Simeone played alongside Fernando Torres at Atlectico Madrid in Spain.

Then, Torres was the Club Captain despite being far younger than Simeone; Torres was in charge of the dressing room in the absence of the coaches. He was so influential that he even had a say on the team selection.

Photo- mesmerizingqoutes.com

Fast forward 10years later; Diego Simeone is now Fernando Torres coach. This came at a point when Torres had journeyed from Spain to England & Italy with his career almost dead as he has being rejected by Chelsea & AC Milan.

But Diego Simeone brought him back to Altectico Madrid & thus resuscitated his career.

Real Estate versus Vision 2020

For some Nigerians there seem to be little hope left of the so called Vision 2020 which is aimed at positioning Nigeria as one of the top 20 economies in the world. This article takes a critical look at the present economic realities, effects of technological advancement and how all of these will affect real estate in Nigeria in the golden year of 2020.

Photo Credit - youtube.com

Nigeria Real Estate Laws, What the law says....

THE-LAW

Real estate law Lagos Nigeria –

Nigeria real estate law is a combination of so many laws that regulate the real estate industry in Nigeria. These laws are many as you will expect for a nation as big as Nigeria.

Obviously, we cannot consider all of these property laws here. But some important and critical ones are worth mentioning to keep you well informed so you can make the right choices, make the right investment, and make money. It also ensures you don’t make the sort of mistakes that can cost you your real estate investment in the long run.

Photo Credit - michaelkrivalesq.com 

It is important to note that this is not a legal site and so the laws will be explained in simple terms so the average person can understand them.

Lagos and Dubai signs Smart City deal

The Lagos State Government and the City of Dubai have entered into a historic partnership. This epoch making partnership will see Lagos emerge as the first Smart City in Africa.

The Memorandum of Understanding for the Lagos Smart City was signed on Monday at the Emirate Towers, Dubai, by the Lagos State Attorney General and Commissioner of Justice, Mr. Adeniji Kazeem and the Chief Executive Officer of Smart City Dubai LLC, Mr. Jabber Bin Hafez.

Photo Credit- @AkinwunmiAmbode 

Means of Acquiring Land in Nigeria

MEANS OF ACQUIRING LAND IN NIGERIA

 1.Customary Law-     SADIKU V.DALORI; NELSONV. EBANGA 

2.Government Allocation-State grant-      ISERU V.CATHOLIC BISHOP OF WARRI DIOCESE

3.Purchase/Sale/Assignment

Photo Credit - grain.org 

4.Gift Intervivos(By deed of gift)

ISOLO : A commercial block of flats on a plot of land for sale on a major road

This is a commercial property on a busy and major road at Isolo with a Block of Flats on it and lots of shops too. It's a very good opportunity for investors to seize this opportunity to buy this property, majorly it's location for commercial ventures like Banks, Event Centres, Hotels, Filling Station, Schools, Church, Warehouse  or even a Gas Plant

MAGODO ISHERI 5 BEDROOM SEMI-DETACH DUPLEX FOR SALE

Distress Sale !!!

This property is a twin duplex and the current market value is about #60 million, but the owner is willing to sell at a distress value rate of #40 million. This is one of the rare opportunities in Real Estate for any wise investor to key into at this moment.

The Impossible Brief Planet

"The Impossible Briefs Planet"

Credit - d2r4pw5uddxm3r.cloudfront.net 

I'm sure you have received requests like "Filling Station in VI or Ikoyi; Open Budget; Buyer wants to inspect first thing tomorrow morning"? 

Just as you have also seen "Request for 10,000 sqms JV in Victoria or Ikoyi; No Premium; only direct mandates should contact me?"

Welcome again, to one of our everyday realities - "Agents coming to the market with impossible requests" yet going about reposting the message in 2,000 WhatsApp groups to be reposted to 1,000,000 agents all over town

Root of Title

ROOT OF TITLE

This is a document of title which is sufficient in itself without any extrinsic evidence to establish the title to the land. This shows if the vendor has a valid right to sell the land and if it is unencumbered.

Credit - landsregistry-titledeeds.co.uk 

YABA: A Roomself To Let At Akoka

DIRECT INSTRUCTION TO LET:

Credit - lagospropertylawyer.blogspot.com

We have this very clean and decent newly painted room to let out of a 2 bedroom flat STRICTLY for a student most likely in UNILAG .

Who is a Beneficial Owner ?

What is a 'Beneficial Owner'

A beneficial owner is a person who enjoys the benefits of ownership even though title is in another name.

i.investopedia.com

Beneficial owner is a legal term where specific property right ("use and title") in equity belong to a person even though legal title of the property belongs to another person. Black's Law Dictionary(2nd Pocket ed. 2001 pg. 508). This often relates where the legal title owner has implied trustee duties to the beneficial owner.