Real estate in Nigeria, particularly in the nation’s cultural melting pot, until now was characterized by numerous cases of fraudulent transactions between unsuspecting individuals and agents / organisations, a practice which was really a dent on the image of the Centre of Excellence.
In a bid to curb such practices, the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu in February, 2022 signed the Lagos State Regulatory Authority (LASRERA) law. A law that will make real estate transactions in the state conform to global best practices.
The governor said that the law would regulate real estate transactions and protect the citizens; the unsuspecting Lagosians, who fall prey to many real estate professionals, adding that the law would also help players in the real estate sector to know what is expected of them and for government to be able to track who is doing what in the sector.
With the signing of LASRERA’s law, individuals and organisations are now expected to register transactions from tenancy agreements below five years with the agency to enable it warehouse data of transactions, persons, & organisations in the sector.
How does LASRERA law benefit you?
- It is now an offence for an individual / organization to engage in real estate business in Lagos State without being registered with the agency.
- Lastly, the new law will boost financial transparency in the sales / purchases of property, as investors / investees will now be prosecuted upon discovery of fraudulent practices in transactions in the real estate sector.
Requirements for registration
The new law that has now professionalised real estate practice, requires that the minimum educational requirement to practice in Lagos State is West African Senior School Certificate Examination (WASSCE) in addition to certification from a professional agency, which has power to organise stakeholder’s workshops / training periodically for those in the sector.
Still worried about which trusted real estate company to transact with?
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