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A CONTEXTUAL ANALYSIS OF THE TWIN CONCEPTS OF OWNERSHIP AND POSSESSION IN MORTGAGE TRANSACTIONS IN NIGERIA
Abstract:
The concept of property ownership and possession plays a pivotal role in the realm of mortgage transactions in Nigeria. This research study delves into the intricate relationship between ownership and possession in the Nigerian mortgage context, aiming to provide a comprehensive understanding of the legal, practical, and socio-economic implications of these twin concepts.
The Nigerian real estate market has witnessed significant growth in recent years, with mortgage transactions serving as a crucial avenue for property acquisition. However, disputes related to ownership and possession are commonplace, leading to legal complexities and undermining the effectiveness of mortgage systems. This research examines the legal frameworks, historical precedents, and cultural factors that shape the interpretation and application of ownership and possession in mortgage transactions in Nigeria.
To achieve its objectives, this study employs a mixed-methods approach, combining legal analysis, case studies, interviews with industry experts, and surveys of mortgage stakeholders. It scrutinizes the statutory and customary laws governing property rights, mortgage contracts, and foreclosure procedures in Nigeria. Furthermore, it analyzes court cases and precedents to assess how ownership and possession disputes have been resolved over time.
The research identifies several key findings:
- Legal Ambiguities: There exists a significant degree of ambiguity and overlap between ownership and possession in Nigerian property law. This ambiguity contributes to legal disputes and uncertainties among mortgage stakeholders.
- Cultural and Socio-economic Factors: Cultural norms and socio-economic conditions influence the perception of ownership and possession, often leading to disputes between traditional landowners, mortgagees, and mortgagors.
By shedding light on these critical issues, this research aims to provide valuable insights to policymakers, legal practitioners, financial institutions, and individuals involved in mortgage transactions in Nigeria. It contributes to the ongoing discourse on property rights and mortgage practices, with the ultimate goal of fostering a more transparent, efficient, and equitable mortgage market in the country.
A CONTEXTUAL ANALYSIS OF THE TWIN CONCEPTS OF OWNERSHIP AND POSSESSION IN MORTGAGE TRANSACTIONS IN NIGERIA. GET MORE LAW PROJECT TOPICS AND MATERIALS
