The Lagos State government has issued a warning to real estate practitioners, emphasizing the importance of registration with the Lagos State Real Estate Regulatory Authority (LASRERA).
The warning was issued on Saturday, June 28, by Barrister Barakat Odunuga Bakare, the head of the Lagos State Real Estate Regulatory Authority (LASRERA) and Special Advisor to the Governor on Housing.
According to Barrister Barakat Odunuga Bakare, the head of LASRERA and Special Advisor to the Governor on Housing, it is now illegal to operate in the real estate industry without proper registration.
Realtors, commission agents, and real estate practitioners must register with LASRERA to operate legally in the state.
Agency fees charged by agents must not exceed 10% of the transaction value. Those who are charged more than 10% can direct their complaints to LASRERA.
Real estate professionals are prohibited from demanding more than a year's rent from clients and collecting money without providing necessary services.
The Lagos State Government aims to bring order to the real estate industry while safeguarding the interests of practitioners, homebuyers, and property owners.
The regulations are designed to protect consumers from unscrupulous practices and ensure that real estate professionals operate with transparency and accountability.
Failure to register with LASRERA or comply with the regulations may result in penalties and other consequences for real estate practitioners.
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