By YINKA KOLAWOLE

The newly established Lagos State Real Estate Transaction Department (LASRETRAD) was set up to help curb activities of dubious estate agents in the state.

Mr. Jimoh Ajao, Special Adviser on Housing to the Lagos State Governor, who stated this in a media chat in Lagos, lamented the way some dubious estate agents have been duping innocent Lagosians in the name of securing accommodation for them.

“There have been several cases of fraudulent estate agents collecting huge sums of money from different people for the same accommodation. There have also been several cases of dubious estate agents collecting money from prospective tenants and not remitting money to the real owners of the houses. There have been several cases of fraud perpetrated by this category of estate agents to the extent that Lagosians no longer have confidence in the practice of this noble profession.

Yet there are very good and honest estate agents who practice according to the dictates of their profession. Government will not fold its arm and allow dubious people to bastardise a noble profession hence the need for us to come and sanitise this field of our economy to bring back the confidence of the people in the profession,” he said.

Specifically, Ajao said the department will be responsible for regulation and monitoring of the activities of estate agents in the state. One of the major reasons for establishing the department is to restore confidence in the activities and practice of estate agents in the state. According to him, one of the major reasons for establishing the department is to restore confidence in the activities and practice of estate agents in the state.

“We want to ensure that residents are adequately protected in their transactions with real estate agents through the entrenchment of the principle of fair play, orderly conduct and accountability. Our aim is also to stop the fraudulent activities of dubious estate agents. We want Lagosians to deal with estate agents with a free mind and the confidence that they will not be short-changed,” he said.

In addition, the SA (Housing) said the department will also perform the following functions: handle cases of tenants and landlords relationship in a fair, responsible and reasonable manner; promote investments, simplify procedures and government policies to enhance compliance with international best practices in real estate administration; monitor compliance with the state tenancy law; monitor compliance with the criminal laws as it relates to real estate transactions and other legislation on land transaction; licence estate agents; and renew such licenses annually.

He said LASRETRAD will keep record of all qualified estate agency practitioners who register with the department and build a database that will metamorphose into an Estate Agent Identification Number (EAIN). Such database management will lead to issuance of licenses to practice as estate agents in the state through an automation process.