Negotiations and Legal Documentation Relating to Mortgage Creation in Nigeria

Abstract

INTRODUCTION

One of the major problems militating against the provision of comfortable houses and housing delivery in Nigeria over the years is lack of adequate finance. We live in a country where certain things are taken for granted. Many Nigerians have struggled for many years to own houses of their own but could not because of low per capita income and the inability to save the desired amount required to set up a building and place a roof over their head. The Government over the years has also come up with various housing programmes some of which to a very large extent has not impacted on the people.

This work is intended to proffer solution to the lingering housing problem in Nigeria by putting across the importance of mortgage and make a call for a review of the law. The documentations involved in mortgage creation are fully explained. Mortgage creation is a new trend and this is responsible for the attitude of majority of Nigerians towards mortgage. This writer, an expert in mortgage creation has, by this essay, allayed the fears of Nigerians to enter into mortgage agreement and has explained in full the importance and the advantages of mortgage.