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Deed Of Assignment With Assumption Of Mortgage

Deed Of Assignment With Assumption Of Mortgage Template for Nigeria

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Key Requirements PROMPT example:

Deed Of Assignment With Assumption Of Mortgage

"I need a Deed of Assignment with Assumption of Mortgage for a residential property in Lagos, Nigeria, with the transfer and mortgage assumption to be completed by March 2025; the existing mortgage is with FirstBank Nigeria and needs to include provisions for early repayment."

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Document background
The Deed of Assignment with Assumption of Mortgage is a specialized legal instrument used in Nigerian property transactions where a property transfer includes an existing mortgage that the new owner wishes to assume rather than arrange new financing. This document type is particularly relevant in situations where maintaining the existing mortgage terms is advantageous or when refinancing may be less favorable. The deed must comply with Nigerian land law requirements, particularly the Land Use Act 1978 and relevant state property laws. It includes detailed provisions about the property transfer, existing mortgage terms, party obligations, and necessary consents from the mortgage institution. The document requires careful drafting to ensure it meets both property transfer requirements and banking regulations, making it a crucial tool in Nigerian real estate transactions involving mortgaged properties.
Suggested Sections

1. Parties: Identifies the Assignor (current property owner), Assignee (new property owner), and Mortgagee (lending institution)

2. Background: Recitals explaining the current ownership, existing mortgage, and intention to transfer property with mortgage assumption

3. Definitions: Defines key terms used throughout the deed including Property, Mortgage, Completion Date, and other relevant terms

4. Assignment: Core provision transferring the property from Assignor to Assignee

5. Consideration: States the purchase price and payment terms for the property transfer

6. Assumption of Mortgage: Details the Assignee's assumption of the existing mortgage obligations and terms

7. Assignor's Covenants: Warranties and representations by the Assignor regarding property title, encumbrances, and authority to transfer

8. Assignee's Covenants: Commitments by the Assignee regarding mortgage payments and compliance with mortgage terms

9. Mortgagee's Consent: Formal consent of the Mortgagee to the assignment and assumption arrangement

10. Completion Requirements: Conditions and requirements for completing the transfer and assumption

11. Registration and Stamp Duty: Requirements for registering the deed and paying applicable stamp duties

12. Governing Law: Specifies Nigerian law as governing law and jurisdiction

13. Execution: Formal execution blocks for all parties including witnesses as required by Nigerian law

Optional Sections

1. Environmental Matters: Required when the property has specific environmental considerations or compliance requirements

2. Planning Permissions: Included when there are relevant planning permits or restrictions that need to be addressed

3. Outstanding Charges: Used when there are additional charges or encumbrances beyond the primary mortgage

4. Service Charge Provisions: Necessary for properties subject to service charges or management fees

5. Tax Indemnities: Added when specific tax implications need to be addressed between parties

6. Insurance Provisions: Detailed insurance requirements if beyond standard mortgage requirements

7. Third Party Rights: Required when there are existing third-party rights that need to be preserved or addressed

Suggested Schedules

1. Property Description: Detailed legal description of the property including boundaries, title information, and registration details

2. Existing Mortgage Details: Complete details of the mortgage being assumed including original amount, current balance, terms, and payment schedule

3. Title Documents: List of all relevant title documents and certificates

4. Outstanding Payments: Schedule of any outstanding payments, taxes, or charges relating to the property

5. Property Fixtures and Fittings: Inventory of fixtures and fittings included in the transfer

6. Consents and Licenses: Copies of all relevant consents, permits, and licenses

7. Payment Schedule: Detailed breakdown of payment terms and schedule if payment is to be made in installments

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Banking & Finance

Mortgage Services

Legal Services

Property Development

Construction

Housing Finance

Property Management

Relevant Teams

Legal

Real Estate

Mortgage Services

Property Management

Compliance

Risk Management

Corporate Services

Documentation

Title Services

Relevant Roles

Real Estate Lawyer

Property Manager

Mortgage Officer

Bank Manager

Real Estate Agent

Property Developer

Legal Counsel

Conveyancing Officer

Title Officer

Compliance Officer

Property Administrator

Real Estate Transaction Manager

Mortgage Underwriter

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