The Mortgage and Property Law 2010 of Lagos State: An Overview

Abstract

The work evaluates the Lagos State Mortgage and Property law 2010 as it impacts the administration of Mortgage transactions in the State. In enacting the law, Lagos State has the objective of encouraging the growth of mortgages in real property and for the acquisition of consumer loans for acquisition of properties and realization of securities. Until its enactment mortgage transactions in Lagos State was governed by a myriad of laws without any centralized regulatory body. Mortgage finance, administration and securitization were subsumed within the general land tenure and land use legislation, devoid of institutional and formalized mortgage scheme to enable financing of real property mortgage. It finds that he mortgage Board established by the law gives a fresh impetus for mortgage financing coupled with an arbitration option. The paper concludes that the Mortgage and Property Law is significant for socio-economic impact being a catalyst for home ownership schemes. It concludes that the ability of the law to achieve its goal is critically hinged on the sincerity of its implementation.

Keywords: mortgage, property, Lagos State, laws, securities