The Lagos State Real Estate Regulatory Authority Bill signed into law recently will make real estate transactions in the state conform with global and professional best practices according to the Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka.
The Bill, signed by Lagos State Governor, Mr Babajide Sanwo-Olu was passed to regulate, sanitize and monitor the activities of Real Estate Transactions Market through Lagos State Real Estate Regulatory Authority (LASRERA).
Commenting on the new Law, the Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka explained that the law seeks to protect individuals from illegal Real Estate Transactions and fraudulent persons, organizations in the Real Estate Sector in the Lagos State.
She stated that with the signing of LASRERA’s Law by Mr. Governor,’’ 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, organizations in the real estate sector of the state.
She revealed that the new law has now professionalized real estate practice, stressing that the minimum educational requirement to practice in the state is WASSCE in addition to certification from a professional agency which has power to organize stakeholder’s workshops, training periodically for those in the sector.