About the Lagos State Real Estate Regulatory Authority [LASRERA]~ Naijatvnet

 •VISION:

To provide an enabling environment and transparent Real Estate Sector, conforming with International best practices while safeguarding the interests of all Stakeholders.

MISSION:

Creation of an innovative and sustainable environment to promote Lagos as a Real Estate investment destination in Africa and the World.

In the quest and vision of the current Governor of Lagos State , Mr. Babajide Olusola Sanwo-Olu in making Lagos a 21st Century economy, the Office of the Special Adviser on Housing had the mandate responsibilities to oversee the erstwhile Lagos State Real Estate Transaction Department in the Ministry of Housing as established by Law on the 18th of May, 2007.

The Law was expedient due to reported/ increasing cases of fraud in the Real Estate Sector. However, after careful examination of the extant laws and engagements with relevant Stakeholders within the public and private space , Mr Governor unveiled the intention of his Administration to put an end to fraudulent and unscrupulous practices in the real estate sector.

In a memo Ref. No: CIR/HOS/’20/Vol.1/027 dated the 7th February 2020 Governor Sanwo-Olu approved the transition of Lagos State Real Estate Transaction Department (LASRETRAD) from a Department to a full Agency now known as Lagos State Real Estate Regulatory Authority(LASRERA).
The Lagos State Estate Agency Regulatory Law, Cap L28, Laws of Lagos State, 2015 (“Law”) presently in operation in the State, provides for the establishment of the Lagos State Real Estate Regulatory Authority.

The essence of this Law is to regulate real estate transactions in Lagos State by identifying persons eligible to be licensed as Real Estate Practitioners and provides for the issuance or renewal of annual permits, as well as collating and registering Real Estate transactions in the State.Specifically, the Authority has the responsibility for maintaining a register of Licensed Real Estate Practitioners and sanctioning of unlicensed Estate Agents in the State.In its bid to sanitize and promote transparency, the State must keep a database of persons dealing in Real Estate transactions, regulate and monitor the activities of all Practitioners. Thus, the State must ensure strict compliance and adherence to the law in its efforts to protect its citizens and rid the State of unethical practices in the Sector.

The following PRACTICE GUIDELINES shall apply in the course of business:

For Real Estate Practitioners:

  1. A Licensed Estate Agent / Property Developer shall not carry on Business of Real Estate in the State unless licensed by the Lagos State Real Estate and Regulatory Authority.
  2. A Licensed Real Estate Practitioner shall have an ascertained business premises/office within the State.
  3. A Licensed Real Estate Practitioner shall register the business with the Corporate Affairs Commission (CAC).
  4. A Licensed Real Estate Practitioner shall have records of business transactions, and shall open a separate client account.
  5. A Licensed Estate Practitioner shall not act for two (2) principal (Clients) on a transaction.
  6. A Licensed Real Estate Practitioner shall be paid fees by his principal only.
  7. A Licensed Estate Practitioner shall not collect money from more than one prospective tenant or purchaser in respect of the same premises and shall remit money collected to the landlord within fourteen (14) days, unless otherwise directed in writing by the landlord and such money collected shall be receipted for.
  8. A Licensed Real Estate Practitioner shall ensure that his client performs all his obligations to the Government under the existing laws, such as the deduction and remittance of Withholding Tax, Valued Added Tax or other charges payable on the property he handles.
  9. Agency fee(s) shall be as follows:
    • Letting: Not more than 10 percent of the total rent collected on any transaction.
    • Sale or Purchase of interests in Land and Buildings where two or more agents are retained by the owner/vendor for the sale, the fee shall not be more than 15 percent of the total proceeds of sale.
  10. A Licensed Real Estate Practitioner shall not prepare any legal document pertaining to any transaction handled by him but must be prepared by a Legal Practitioner and the fees shall not be more than 12.5 percent of the total consideration.

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For Property Developers:

  1. A Property Developer shall not practice the business of a Real Estate Agency or enter into any Real Estate developments in the State without due license from the Authority for that purpose.
  2. A Developer shall not advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority.
  3. A Developer shall make an application to the Authority for registration of the real estate project in such form, manner, within such time and accompanied by such fees as may be specified by the regulations made by the Authority.
  4. A Developer shall provide the names and addresses of his Real Estate Agents, if any, for the proposed project.
  5. A developer shall submit the names and address of the contractors, architect, structural engineer, if any and other persons concerned with the development of the proposed project to LASRERA.
  6. A Developer shall collect money for only the number of units built and available for sale.

Contact LASRERA

You can either reach LASRERA through an email, a phone call or visit her office.

Address

Lagos State Real Estate Regulatory Authority Block 21, 1st floor, Room 109 & 119 The Secretariat, Alausa Ikeja Lagos

Phone

+234-901-999-9997
+234-901-999-9977
+234-904-000-0444
+234-904-000-0555

Mail

info@findhouse.com



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