The Lagos State Real Estate Regulatory Authority (LASRERA) Law was signed into law on February 07, 2022. The Special Adviser to the Lagos State Governor on Housing and the current Head of LASRERA, Mrs. Barakat Odunuga-Bakare, Esq., is set to enforce the LASRERA Law. See news article here:
The first few provisions of the law, which would be actively enforced in the coming weeks are:
- Registration of all real estate practitioners in Lagos State with LASRERA:
Section 26 (1) of the LASRERA Law states that “A person or organization dealing in real estate business in the state shall be eligible for registration upon meeting the conditions prescribed by the Authority.”
To register, simply go to the LASRERA website here: and follow the prompt. You can also ask the undersigned for a detailed step-by-step guide.
Under Section 48 of the LASRERA Law, failure to register attracts a fine of a minimum of Two Hundred and Fifty Thousansd Naira for an individual, and One Million Naira for an organisation.
Members of the public can report unregistered agents and companies to LASRERA through these numbers: +234-912-200-0661, +234-912-200-0662, or +234-904-000-0333.
- Commission must not exceed 10%:
Section 32(2)(a) of the LASRERA Law States that “The applicable fees for a person or organization dealing in real estate can demand from clients shall be in a letting/lease transaction, not more than ten percent (10%) of the total rent collected in the transaction.”
If any agent or real estate company demands more than 10% for agency fee in a letting or lease transaction, the affected individual can reach LASRERA through the lines listed above as well.
- Tenants pay yearly for rent:
Section 5(b) of the LASRERA Law states that LASRERA is to “esnure protection of citizens from illegal real estate transactions.” Section 6 (d) empowers LASRERA to “ensure compliance with the Lagos State Tenancy Law.”
Section 4 of the Tenancy Law of Lagos State makes it illegal for landlords to collect more than 1 year’s rent from a yearly tenant whether the tenant is a new tenant or a sitting tenant.
The punishment for this, under the Tenancy Law, is a fine of One Hundred Thousand Naira (N100,000.00) or up to three (3) months imprisonment. Affected individuals can also report to LASRERA on the lines mentioned above.
- Fraud is a crime:
Section 6(e) empowers LASRERA to “receive and investigate petitions and complaints from members of the public.” Any victim of any fraudulent real estate transaction can write a petition to LASRERA which would be investigated.
LASRERA’s office address is:
Lagos State Real Estate Regulatory Authority,
Block 21, 1st Floor, Room 109 & 119,
The Secretariat, Alausa,
Ikeja Lagos State.
Their email address is lasrera@lagosstate.gov.ng You can also reach out to them on the numbers listed above as well.
Thank you.
Announcer:
Ayobayo Babade
Tope Babade & Co (Real Estate Consultants)
AND Public Relations Officer (P.R.O)
Association of Estate Agents in Nigeria (A.E.A.N)
Lagos State Chapter
Tel/WhatsApp: +234-813-834-4488