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A Release of Mortgage happens when a lender officially declares that a borrower has fully paid off their mortgage loan in Nigeria. This legal document cancels the lender's claim on the property and removes their right to seize it if payments stop.

Once registered with the state's land registry office, the Release of Mortgage gives property owners complete control of their asset. Under Nigerian property law, this document proves the borrower now owns their property free and clear, making it easier to sell or use as collateral for future loans. Banks typically prepare this release within 30 days after receiving the final payment.

Get a Release of Mortgage when you've made the final payment on your Nigerian property loan. This crucial step proves you've cleared your debt and now fully own your property. Most Nigerian banks prepare this document automatically, but you might need to request it if 30 days pass without receiving it.

This release becomes essential when selling your property, refinancing with a different lender, or using your property as collateral for a new loan. Nigerian land registry offices require this document to update their records. Having it ready prevents delays in future property transactions and protects you from old mortgage claims resurfacing.

• Basic Release: The standard form issued by Nigerian banks after full loan repayment, canceling the mortgage lien completely
• Partial Release: Removes the mortgage from only a portion of the property, common in land subdivision cases
• Electronic Release: Digital version filed through the state's electronic land registry system, becoming increasingly common in major Nigerian cities
• Conditional Release: Issued pending specific actions, like completing paperwork or settling minor fees
• Deed of Release: More detailed version that includes property description and borrower's payment history

• Lending Banks: Prepare and issue the Release of Mortgage after confirming full loan repayment
• Property Owners: Receive and maintain the release as proof of complete ownership
• Land Registry Officials: Record and validate the release in state property records
• Legal Representatives: Review and verify the release meets Nigerian property law requirements
• Mortgage Officers: Process the paperwork and coordinate between bank and borrower
• Title Search Companies: Use releases to confirm property ownership status for new transactions

• Property Details: Gather the exact property description, title number, and location from original mortgage documents
• Loan Information: Collect final payment confirmation, original loan amount, and mortgage registration details
• Party Information: Compile current contact details for both lender and borrower
• Document History: Note dates of original mortgage, final payment, and any modifications
• Legal Compliance: Check local land registry requirements for release format and filing procedures
• Verification Steps: Confirm all outstanding charges are cleared before drafting the release

• Property Identification: Detailed description matching land registry records, including plot number and boundaries
• Mortgage Reference: Original mortgage date, registration number, and lending institution details
• Release Statement: Clear declaration that the mortgage is fully satisfied and discharged
• Lender Authorization: Official bank signatory and corporate seal
• Witness Section: Space for two witnesses as required by Nigerian property law
• Authentication Details: Commissioner for Oaths or Notary Public certification section
• Legal Declaration: Statement confirming compliance with Land Use Act requirements

A Release of Mortgage differs significantly from a Mortgage Agreement in both timing and purpose within Nigerian property transactions. While a Mortgage Agreement creates the initial loan obligation and security interest in the property, a Release of Mortgage terminates these obligations once the debt is fully paid.

• Timing of Use: Mortgage Agreements come at the start of a loan, while Releases happen at the end
• Legal Effect: Mortgage Agreements create property liens and payment obligations; Releases eliminate them
• Documentation Requirements: Mortgage Agreements need extensive financial details and payment terms; Releases focus on confirming debt satisfaction
• Registration Process: Mortgage Agreements require initial land registry recording; Releases need registration to remove the previous record
• Party Obligations: Mortgage Agreements set ongoing responsibilities; Releases confirm all obligations are complete