Feb. 10, 2022

Following the signing of the Lagos State Real Estate Regulatory Authority Bill into Law by the Lagos State Governor, Mr. Babajide Sanwo-Olu, his Special Adviser on Housing, Mrs. Toke Benson-Awoyinka has declared that the new law will make real estate transactions in the State conform to global and professional best practices.

Speaking on the new law, Benson-Awoyinka reiterated that the Bill was signed into law in order to regulate, sanitise and effectively monitor the activities of the Real Estate Transactions Market through LASRERA.

The Special Adviser explained that the law seeks to protect individuals from illegal Real Estate Transactions and fraudulent persons or organisations in the sector, adding that it is now mandatory for people involved in tenancy agreements below five years to register their transactions with the Agency.

Benson-Awoyinka maintained that the signing of the Real Estate Law will boost financial transparency in the sales and purchase of property, stating that investors and investees can now be prosecuted upon discovery of fraudulent practices in transactions in the sector.

“It is now an offence for an individual or organisation to engage in Real Estate business in Lagos State without being registered with the Agency. It is very important that Real Estate practitioners in the State comply with the provisions of the new Law”.

The Special Adviser envisaged that the new law will contribute to the ease of doing business in the State by curbing fraudulent and sharp practices, especially by unregistered practitioners in the sector.

She also informed that the new law has now professionalised Real Estate practice, stressing that the minimum educational requirement to practise in the State is WASSCE, in addition to certification from a Professional Agency that has the power to organise stakeholders’ workshops and training periodically for those in the sector.