Apparently impressed by the recently signed Lagos State Real Estate Regulatory Authority Bill to Law by Lagos State Governor, Mr Babajide Sanwo-Olu, his Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka, said the new law would boost financial transparency in the sales/purchases of properties in the state.
According to her, the new law would make real estate transactions in the state conform to global and professional best practices.
Benson-Awoyinka recalled that Sanwo-Olu signed the Bill into law in order to regulate, sanitise and monitor the activities of real estate transactions market through Lagos State Real Estate Regulatory Authority (LASRERA.)
Justifying its essence, she explained that the law seeks to protect individuals from illegal real estate transactions and fraudulent persons / organisations in the real estate sector in Lagos State.
With the signing of LASRERA’s Law by the governor, she stated that the registration of tenancy agreements below five years are now expected to register their transactions with the agency in order to have data warehouse of transactions, persons, organisations in the real estate sector of the state.
Maintaining that the signed new law would boost financial transparency in the sales of properties, the special adviser added that investors/investees could now be prosecuted upon discovery of fraudulent practices in transactions in the real estate sector.
Benson-Awoyinka said: “it is now an offence for an individual / organisation to engage in real estate business in Lagos State without being registered with the agency.”
She enjoined practitioners to comply with the provisions of the new law.
The special adviser added that the new law would contribute to ease of doing business in the state by curbing fraudulent and sharp practices as well as unregistered practitioners in the sector.
She revealed that the new law has now professionalised real estate practice, stressing that the minimum educational requirement to practise in the state is the West Africa Senior School Certificate Examination (WASSCE), in additon to certification from a professional agency which has power to organise stakeholder’s workshops/ training periodically for those in the sector.
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