June 14, 2020

Lagos streamlines operations of estate agents

By Olayinka Ajayi

Lagos State Governor Babajide Sanwo-Olu has called on real estate operators to conform with the state’s rules and regulations for them to be recognised in the state.

The governor stated this during the official launch of the website/payment portal and unveiling agency’s logo by the Lagos State Real Estate Regulatory Authority (LASRERA).

Speaking on behalf of the governor, Special Adviser to the Governor on Housing, Mrs. Toke Benson- Awoyinka explained that residents had fallen victims of fraudulent manipulation due to some inadequacies.

According to Sanwo-Olu, the creation of the website and portal was to come up with a minimum standard before any agent or property developer could practice in Lagos.

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“The minimum requirement for a real estate agent and property developer is the secondary school certificate holder and must have an office, where they could be located at any given time.”

“The requirement for the registration would be for a fee and the money paid in the course of the transactions would be reviewed according to the laid downregulation.”

“The law came into force in 2007. The main objective of the law is to create a regulatory framework for the practice of real estate agency in Lagos State.”

“Registered estate agents in the course of their business shall abide by the code of conduct. Therefore, before carrying out the business of estate agency, obtain a license from LASRERA. They must have an ascertained business office within Lagos State. Any property developer that wants to practice the business of estate agency in the state must obtain a license from the authority.”

The governor urged Lagosians to patronise registered agents by visiting LASRERA websites, where all the information required for real estate practice could be obtained.