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The Contract of Real Estate Mortgage is a fundamental document in Nigerian property financing, essential for securing loans with real estate collateral. This document is required whenever a property owner seeks to obtain financing using their real estate as security, whether for residential, commercial, or industrial purposes. The agreement must comply with Nigerian federal and state property laws, particularly the Land Use Act 1978 and state-specific mortgage regulations. It contains crucial information about the property, parties involved, loan terms, and enforcement mechanisms. The document serves as the primary security instrument for the lender while protecting the borrower's interests through clearly defined terms and conditions. The Contract of Real Estate Mortgage must be properly executed and registered with the appropriate land registry to create a valid and enforceable security interest under Nigerian law.

1. Parties: Identification of the mortgagor (borrower) and mortgagee (lender), including full legal names, addresses, and registration details if companies

2. Background: Context of the mortgage agreement, including brief description of the property and purpose of the loan

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the mortgaged property, including title information and registration details

5. Loan Amount and Terms: Specification of the loan amount, interest rate, repayment terms, and payment schedule

6. Security Creation: Legal creation of the mortgage security interest over the property

7. Borrower's Covenants: Obligations of the borrower including property maintenance, insurance, and payment commitments

8. Lender's Rights: Rights of the lender including inspection rights and remedies in case of default

9. Events of Default: Detailed list of circumstances constituting default and consequences thereof

10. Insurance Requirements: Mandatory insurance coverage for the property and assignment of policies

11. Representations and Warranties: Statements of fact and assurances from the borrower regarding their capacity and the property

12. Enforcement and Remedies: Lender's rights and procedures for enforcing the security in case of default

13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes