Lagos State Government has commenced a massive crack down on unregistered real estate practitioners.
NewsOnline Nigeriareports that the Lagos State Government has declared it illegal to engage in real estate practice within the state without registration with the Lagos State Real Estate Regulatory Authority (LASRERA). This move aims to curb widespread fraud and restore order in the property market.
According to Barrister Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing and Head of LASRERA, individuals or organizations found practicing real estate without LASRERA registration will be committing an offense. This includes acting as a real estate agent, commission agent, or practitioner.
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The Lagos State Government emphasized that registration with LASRERA is essential to promote accountability, reduce fraudulent practices, and increase trust in real estate transactions
LASRERA regulates all real estate activities in Lagos, registering practitioners, monitoring transactions, and investigating complaints to protect residents from fraud.
To ensure compliance, the government warned that:
Agency fees must not exceed 0-10%
Demanding more than one year’s rent in advance is unlawful
Collecting payments without delivering agreed services is prohibited
Residents are advised to verify the registration status of any real estate agent or firm before entering into property transactions