Conform to rules, Gov. Sanwo-Olu’s aide tells real estate practitioners
Lagos – The Special Adviser to Gov. Babajide Sanwo-Olu on Housing, Mrs Toke Benson-Awoyinka, on Thursday said real estate practitioners must conform with rules and regulations to be recognised in the state.
Benson-Awoyinka made the remark at the Official Launching of Website/Payment Portal and unveiling agency’s logo by the Lagos State Real Estate Regulatory Authority (LASRERA) in Ikeja.
She said Nigerians had fallen victims of fraudulent manipulation in the real estate due to some inadequacies.
Benson-Awoyinka said: “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.
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“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 obtain a licence from the authority.
“Where a prospective tenant does not get physical possession of what he has paid for within fourteen days of payment, the licensed estate agent involved shall refund the payment to the perspective tenants.”
She added that government would not allow its citizens to be manipulated by those who did not have any genuine business to do in the real estate.
The adviser urged Lagos residents to patronise registered agents by visiting LASRERA websites, where all the information required for real estate practice would be obtained.
“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 can not be pinned down after dubious acts,” the adviser said.
Benson-Awoyinka said that part of the sanitisation efforts was to come up with a minimum standard before any agent or property developer could practice.
She said that the website/payment portal would ease property buyers and developers the unnecessary bureaucracy of having to physically visit LASRERA’s office to transact business.
The adviser said that property buyers and developers would find the website convenient, particularly at this period of Coronavirus pandemic when social distancing was expected to be fully observed.
She said that the minimum requirement for real estate agent and property developer was the secondary school certificate holder and must have an office, where they could be located at any given time.
Benson-Awoyinka, who noted that the requirement for the registration would be free, added that the money paid in the course of the transactions would be reviewed according to the laid down rules and regulations.
