The Real Estate Loan Agreement is a crucial document used in Nigerian financial and property transactions when a lender provides financing secured against real estate. It serves as the primary contract governing the lending relationship, incorporating requirements from the Land Use Act 1978, Central Bank of Nigeria regulations, and state-specific property laws. The agreement is essential for both residential and commercial property financing, detailing loan terms, security arrangements, property details, and compliance requirements specific to Nigerian jurisdiction. This document type is particularly important given Nigeria's unique land tenure system and the requirement for Governor's consent in property transactions. It provides comprehensive protection for both lender and borrower while ensuring compliance with all relevant banking and real estate regulations.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Context of the loan agreement, including purpose of the loan and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount, currency, and permitted use of funds
5. Interest Rate and Calculations: Details of interest rate, calculation method, and payment periods
6. Repayment Terms: Schedule of repayments, payment methods, and prepayment provisions
7. Security and Property Details: Description of the property and security arrangements including mortgage terms
8. Conditions Precedent: Conditions that must be satisfied before the loan is advanced
9. Representations and Warranties: Statements of fact and assurances given by the Borrower
10. Covenants: Ongoing obligations of the Borrower during the loan term
11. Events of Default: Circumstances constituting default and consequences
12. Enforcement and Remedies: Lender's rights and remedies upon default
13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Guarantor Provisions: Required when there is a guarantor for the loan, detailing guarantor's obligations and rights
2. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required
3. Property Management Obligations: Used when there are specific requirements for maintaining or managing the property
4. Construction Provisions: Required when the loan is for property under construction or renovation
5. Multiple Properties: Additional provisions when multiple properties serve as security
6. Environmental Matters: Environmental warranties and covenants for commercial properties
7. Assignment and Transfer: Provisions for when either party may need to transfer their rights or obligations
8. Force Majeure: Provisions dealing with unforeseen circumstances affecting performance
1. Property Description Schedule: Detailed legal description of the property including boundaries and title details
2. Repayment Schedule: Detailed breakdown of payment dates, amounts, and amortization schedule
3. Conditions Precedent Documents: List of required documents and conditions to be satisfied before drawdown
4. Form of Drawdown Request: Template for requesting disbursement of loan funds
5. Insurance Requirements: Detailed specifications of required insurance coverage
6. Forms of Security Documents: Templates of mortgage and other security documents
7. Fee Schedule: Breakdown of all fees, charges, and costs associated with the loan
8. Required Authorizations: List of necessary governmental and regulatory approvals
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Construction
Property Development
Housing Finance
Commercial Property
Residential Property
Agriculture (for farm land financing)
Industrial & Manufacturing
Retail & Commercial
Relevant Teams
Legal
Finance
Real Estate
Credit Risk
Compliance
Property Management
Banking Operations
Loan Administration
Corporate Security
Documentation
Relevant Roles
Legal Counsel
Finance Manager
Real Estate Manager
Loan Officer
Credit Risk Officer
Compliance Officer
Property Manager
Banking Relationship Manager
Real Estate Development Manager
Financial Controller
Property Valuation Officer
Mortgage Officer
Chief Financial Officer
Legal Director
Real Estate Director
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