Special Adviser to Governor Babajide Sanwo-Olu on Housing, Toke Benson-Awoyinka has said real estate practitioners must conform with rules and regulations for them to be recognised in the state.
Speaking yesterday during the launching of the website/payment portal and unveiling agency’s logo of Lagos State Real Estate Regulatory Authority (LASRERA), said Nigerians had fallen victims of fraudulent manipulation in the real estate due to some inadequacies.
She added that government will not allow its citizens to be manipulated by those who do not have any genuine business to do in the real estate.
According to her, all manners of person, some of them jobless now parade themselves as estate agents, moving from one place to the other without specific office, where they could be actually pinned down after dubious acts.
Benson-Awoyinka explained that part of the sanitization efforts was to come up with a minimum standard requirement obtained for any agent or property developer to practice.
She said the website/payment portal would ease the challenges faced by stakeholders if they have to physically visit LASRERA’s office to transact business.
She maintained that they would find the website convenient, particularly at this period of corona virus pandemic when social distance are expected to be fully observed.
The Special Adviser said the minimum requirement for 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.
According to her, the requirement for the registration would be for a fee. She noted that the money paid in the course of the transactions would be reviewed according to the laid down rules and regulations.
She said: “The law came into force in 2007. The main objective of the law is to create a regulatory frame work 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 licence from LASRERA. They must have an ascertained business premises/office within Lagos State.
“Any property developer that wants to practice the business of estate agency in the state must obtained a licence from the authority.
“Where a prospective tenant does not get physical possession of a he has paid for within fourteen days of payment, the licensed estate agent involved shall be refund the paid to the perspective tenants.”
She urged Lagosians to patronise registered agents by visiting LASRERA websites, where all the information required for real estate practice would be obtained.
According to her, Lagos State is the business nerve of the country and government would do everything within the law to protect the interest of people who want to live in rancour free society to transact their businesses.
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