Existing user? Sign in
Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Free Guide to Hiring a Real Estate Lawyer
Or refine your search by selecting a city:
In Ghana, a mortgage is a legal agreement by which a bank, building society, or other lender lends money at interest in exchange for taking the title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt. The procedure and regulatory framework for mortgages in Ghana are governed by the Mortgages Act, 1972 (NRCD 96) and supported by subsequent legislations and regulations aimed at facilitating housing finance while protecting the interests of both borrowers and lenders.
Engaging a lawyer for mortgage-related issues in Ghana can be crucial for several reasons:
The key aspects of mortgage laws relevant in Ghana include:
A mortgage is a loan in which property or real estate is used as collateral. The borrower enters into an agreement with the lender wherein they receive funds upfront and then make payments over a specified time until they pay back the lender in full.
Typically, you will need proof of identity, proof of income, bank statements, and the title deed of the property you intend to mortgage, among other documents as required by the lender.
Interest rates in Ghana can be fixed (the rate stays the same throughout the term of the mortgage) or variable (the rate may vary based on market conditions). It's essential to understand how these will affect your repayment amounts over time.
Yes, non-citizens can obtain mortgages in Ghana, but specific conditions might apply, including residency status and the type of property one is allowed to purchase.
If you default, the lender may begin foreclosure proceedings, which can result in repossession and sale of the property to recover the outstanding debt. It’s critical to seek legal advice immediately if you face financial difficulties.
Yes, refinancing options are available in Ghana. This typically involves obtaining a new loan to pay off an existing loan, potentially with different terms.
It's advisable to have the contract reviewed by a legal expert to ensure it complies with all relevant laws and that the terms are fair and reasonable.
Under the Consumer Protection Law in Ghana, borrowers are entitled to fair treatment, transparency, and the right to detailed information regarding the terms and conditions of their mortgage agreements.
Yes, you can sell a mortgaged property, but the lender must be notified, and the outstanding mortgage balance will typically need to be settled as part of the sale process.
The process usually involves selecting a property, applying for a mortgage, providing all required documentation, the lender assessing your application, and, if approved, signing the mortgage agreement and receiving the funds.
For those seeking more information or assistance, the following resources can be beneficial:
If you need legal assistance regarding mortgages in Ghana, consider the following steps:
Lawzana helps you find the best lawyers and law firms in Ghana through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Mortgage, experience, and client feedback.
Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters.
Get a quote from top-rated law firms in Ghana — quickly, securely, and without unnecessary hassle.
Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.
Refine your search by selecting a city.
