Real Estate Practice is a noble profession worldwide, however, the practice in Nigeria is often neglected by the professionals and the government.
Lagos State Government has taken a bold step to ensure that the stakeholders in the industry are duly registered in the state. Despite the effort of the government, only a handful of practitioners are registered with the state government. This is where the government needs to take drastic action to ensure that anybody practicing in the Real Estate profession in any capacity is registered with the state government or be sanctioned.
Lagos State Real Estate Regulatory Authority (LASRERA) is a licensed Lagos State Government Agency whose responsibility is to regulate the industry. The agency has made it compulsory for every professional in the sector to register with the agency in other to facilitate checks and balances.
Those that must register with the agency are as follows;
- Housing Estate Developer
- Land Documentation Agent
- Property Developer
- Real Estate Agency
- Real Estate Broker
- Real Estate Developer (Cooperative Society)
- Real Estate Developer (Public Liability Company)
- Real Estate Facility Manager
- Real Estate Marketer
The registration of the abovementioned is necessary because it will help to curb the growing number of incessant fraudulent activities in the industry, especially in Lagos state.
Under the Lagos State Estate Agency Regulatory Law, Cap L28, Laws of Lagos State, 2015 (“Law”) established the Lagos State Real Estate Regulatory Authority (LASRERA), to look into real estate transactions in Lagos State by identifying persons eligible to be licensed as Real Estate Practitioners.
Document and Requirements for Registration
- CAC registration of your company
- Means of identification (Any government-issued identification e.g. NIN, Driver’s License, etc.)
- Office Address.
- A minimum qualification of Senior School Certificate Examination (SSCE)
Functions of the Agency
The Agency performs the following functions:
- Make regulations for the proper dealing in Real Estate transactions in the State.
- Register and issue permits to Real Estate Practitioners.
- Maintain a register of Real Estate Transactions, Real Estate Practitioners, their Brokers and Agents in the State.
- Organize monitoring teams and conduct inspections in order to ensure compliance with the Lagos State Tenancy Law, Criminal Law and other legislations on Real Estate Transactions.
- Create a forum for affected members of society to lodge complaints against dishonest Real Estate Practitioners.
- Investigate complaints and petitions against registered Real Estate Practitioners.
- Liaise with Law Enforcement Agencies and courts in the prosecution of Real Estate Practitioners suspected of violating the applicable Laws.
- Collate data on property transactions.
- Regulate and register tenancy transactions and agreements.
- Ensure protection of citizens from illegal transactions.
- Ensure and confirm the payment of fees, taxes or charges on Real Estate transactions, such as Withholding Tax, Value Added Tax, Estate Duty, Land Use Charge and Outgoings as shall be imposed or charged by the Agency or any other Government Agency.
- Organize seminars, symposia/workshops or other training sessions for registered Real Estate Practitioners and other Stakeholders.
- Liaise collaborate with other inter-related bodies and MDAs, including but not limited to the Ministry of Physical Planning and Urban Development and its agencies, Lagos State Lands Bureau, New Towns Development Authority, Office of the Surveyor-General for the purpose of collecting and collating data on newly approved developments.
- Provide consultancy services on housing data and connected matters to stakeholders, including Students, Engineers, Estate Surveyors and Valuers, Town Planners, Land Surveyors, Real Estate Agents, Builders, etc. operating in the State.
- Provide facilities for training, education and research for the purpose of advancing the skill of staff employed to ensure conformity with national and global standards.
- Periodically update the conditions for renewal of permits for Real Estate Practitioners in the State.
- Sensitize the public about Real Estate Operations and attendant rules, risks and benefits, and recommend policies to the State Government that will enhance the Real Estate Transactions in the State.
For more details about the agency, click here.
To become a licensed player in Real Estate in Lagos state Nigeria click here