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RULES AND REGULATORY CODE OF CONDUCT THAT GUIDE AND PROTECT THE PRACTICE OF ESTATE AGENCY IN LAGOS STATE

 RULES AND REGULATIONS OF REAL ESTATE TRANSACTIONS

  A Registered Agent transacting business in Lagos State shall have ascertained business premises or office within the State.

A Registered Agent shall maintain a record of his or her business transactions and shall open a separate client account for that purpose.

A Registered Agent shall ensure that a prospective tenant or purchaser takes physical possession of the property paid for within fourteen (14) days.

A Registered Agent shall ensure that his principal performs all his obligations due to government under applicable legislation and regulations.

STANDARDS OF PROFESSIONAL COMPETENCE

A Registered Agent must exercise skill, care, competence, and diligence at all times when carrying out agency work.

A Registered Agent is presumed to be conversant with laws and regulations relevant to the agency work.

STANDARDS OF PROFESSIONAL CONDUCT

 A Registered Agent must comply with the fiduciary obligations to his or her client arising as a Registered Agent.

A Registered Agent must act in good faith and deal fairly with all parties engaged in a transaction.

A Registered Agent must not engage in any conduct likely to bring the industry into disrepute.

A Registered Agent must not mislead a customer or client, nor provide false information, nor withhold information that should by law or in fairness be provided to a principal.

A Registered Agent is required to discover hidden or underlying defects in property and must disclose known defects to the principal.  Furthermore, where it appears likely, on the basis of the Agent’s knowledge and experience of the real estate market, that a property may be subject to hidden or underlying defects, the Agent must either

(i)    Obtain confirmation from the principal that the property in question is not subject to defect; or

(ii)  Ensure that his principal is informed of any significant potential risk so the principal can seek expert advice if he so chooses.

A Registered Agent must not continue to act for a principal who directs that information referred to in rule 3.v be withheld.

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