Section 59 Mortgage and Property Law of Lagos State Section 59 of the Mortgage and Property Law of Lagos State 2010 is about Prohibition of collateral contract. It provides as follows: No mortgage agreement shall contain a requirement imposing an obligation on a mortgagor to purchase other financial products including insurance from thesame mortgage lender…

Section 58 Mortgage and Property Law of Lagos State Section 58 of the Mortgage and Property Law of Lagos State 2010 is about Prohibiting against kickbacks and unearned fees. It provides as follows: (1) No person shall give and no person shall accept any fee, gratification, kickback, or thing of value pursuant to any agreement…

Section 57 Mortgage and Property Law of Lagos State Section 57 of the Mortgage and Property Law of Lagos State 2010 is about Payment into escrow accounts. It provides as follows: If the terms of any home loan or sub-prime mortgage deed require the borrower to make payments to any mortgage institution to deposit into…

Section 56 Mortgage and Property Law of Lagos State Section 56 of the Mortgage and Property Law of Lagos State 2010 is about Regulation of mortgage promotion. It provides as follows: (1) A registered mortgage institution operating in the State shall take reasonable steps to ensure that, for any mortgage business promotion within the State…

Section 55 Mortgage and Property Law of Lagos State Section 55 of the Mortgage and Property Law of Lagos State 2010 is about Estimate of charges. It provides as follows: The booklet referred to in section 54 (2) above shall include a good faith estimate of the amount or range of charges for specific settlement…

Section 54 Mortgage and Property Law of Lagos State Section 54 of the Mortgage and Property Law of Lagos State 2010 is about Protection of mortgagors from unconscionable practices. It provides as follows: Each mortgage institution shall, in addition to the duties imposed by Law, with respect to any transaction including any practice, or course…

Section 53 Mortgage and Property Law of Lagos State Section 53 of the Mortgage and Property Law of Lagos State 2010 is about Filling of mortgage instruments. It provides as follows: A mortgage institution shall file one copy of any instrument evidencing s mortgage transaction at the Office of the Executive Secretary of the Board.

Section 52 Mortgage and Property Law of Lagos State Section 52 of the Mortgage and Property Law of Lagos State 2010 is about Forms. It provides as follows: A statutory mortgage may be surrendered or discharged by a receipt in the form (No.5) set out in the Second Schedule of this Law with such variations…

Section 51 Mortgage and Property Law of Lagos State Section 51 of the Mortgage and Property Law of Lagos State 2010 is about Joint and several implied covenants. It provides as follows: In a deed of statutory mortgage, or of statutory transfer mortgage, where two or more persons are expressed to conveyor charge as mortgagors,…

Section 50 Mortgage and Property Law of Lagos State Section 50 of the Mortgage and Property Law of Lagos State 2010 is about Forms of statutory transfer of legal charges. It provides as follows: (1) A transfer of a statutory mortgage, being in such one of the three forms (Nos 2, 3, or 4) set…