The Lagos government has stated that it is now illegal to work in the real estate industry as a realtor, commission agent, or real estate practitioner without being properly registered with the Lagos State Real Estate Regulatory Authority.
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 her, dealing with individuals or organizations that have not registered and obtained the LASRERA certificate of practice is illegal.
The Special Adviser reiterated that agency fees charged by agents must be between zero and ten percent. She said those who are charged more than ten percent or who have other grievances or complaints should direct them to the LASRERA office.
Barr. Barakat Odunuga-Bakare also reaffirmed that it is illegal for professionals in the field to demand more than a year’s rent from their clients, adding that the LASG has also stated that it is illegal for any real estate professional to collect money from a Lagosian without providing the necessary services to their clients.
She emphasized the administration of Governor Babajide Sanwo-Olu’s dedication to bringing order back to the real estate industry while safeguarding the interests of practitioners, homebuyers, and property owners.
