₦airaland Forum

Hi guys..
Someone approached me with a collateral for a loan given the natural reluctance to part with money in January period.
It was a land collateral worth more than what be asked.. though the sum itself is much.. 400k to repay with some interest.
Reason for loan is japa/travel expenses.
I agreed, visited the site, and drafted agreement including the every every... There's even a 20 days grace period for extension..
The normal term has passed, and now in the grace period as enshrined in the agreement.

If he doesn't pay, which i perceived from day one he may not.. How do i properly claim forfeiture of the collateral?
Location - Abuja.
He provided the original first owner document awarded by the LG area council and attorney documents for his own... Are these documents enough?
What are thoughts and advices.

How will you be happy to take over ones land . Humans Dey sha

xristos:
Hi guys..
Someone approached me with a collateral for a loan given the natural reluctance to part with money in January period.
It was a land collateral worth more than what be asked.. though the sum itself is much.. 400k to repay with some interest.
Reason for loan is japa/travel expenses.
I agreed, visited the site, and drafted agreement including the every every... There's even a 20 days grace period for extension..
The normal term has passed, and now in the grace period as enshrined in the agreement.

If he doesn't pay, which i perceived from day one he may not.. How do i properly claim forfeiture of the collateral?
Location - Abuja.
He provided the original first owner document awarded by the LG area council and attorney documents for his own... Are these documents enough?
What are thoughts and advices.

Letter of authorization to sell and recover full/part of the loan amount upon default.

Weirdcamila:
How will you be happy to take over ones land . Humans Dey sha

Humans do wetin?

OkodiDenzel:
Letter of authorization to sell and recover full/part of the loan amount upon default.

Ok . Something similar already written in the agreement.. but can be requested again.
But also this is not about recovering the loan amount