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FREQUENCY ASKED QUESTIONS AND ANSWERS

 

All property service providers, letting/sales property Agents in Lagos that applied for registration must adhere to the high standards of ethical behaviour as outlined in the Lagos State code of professional ethnics for accredited Estate Agents.

The aim of registration is to ensure that all Real Estate Property Service Providers in Lagos  State are fit and proper to be Estate Agents.  This registration will help the state Government Real Estate Environment to remove disreputable Agents from the market, protect landlords and tenants, protect communities and Lagosians from the impact of antisocial behaviour and mismanagement of property.

 

Can Lasretrad help get back my money or property?

Yes, if there are evidences that the transaction took place and consideration exchanged.

 

I do not want to go to court, can the offender be brought to book and I recover all he has collected from me?

Yes, if the respondent co-operates with LASRETRAD, matter may not go to court if mediation is successful.

 

After complaining, will I be protected from all forms of harassment that can come my way from the offenders?

From experience, the presence of the Government, estops all forms of harassment.

 

I do not have any document to the property I paid for, can I still get either my money or property or how can Lasretrad help in such situations?

Most of the times, with our mediation expertise, we do achieve a lot of success.

 

What punishment is given to offenders that will serve as deterrence to others that will put a stop to criminal activities?

We take offender to court for prosecution.

 

How can we be of help to Lasretrad?

By doing business with the right people, going through the appropriate channel to get things done, do not pay to anybody in whatsoever name without carrying out investigation on what you are paying for, if the agent is registered, ensure you search the LASRETRAD website for verification, conduct an independent inspection on the property yourself and ensure you get a written document signed and dated by the other party showing the transaction that transpired between the two of you. Endeavour to ask questions as much as you can before parting with your money.

 

Is there confidentiality in the dealings of Lasretrad?

Yes, if the circumstances of the case demands that it should be treated as such.

 

What do I require to become a registered agent?

Go to www.LASRETRAD.gov.ng or www.lasretrad.gov.ng and fill an application form. You may also visit our office to pick up a form.  

 

How do I know who to deal with in getting a property or renting an apartment?

Go online and browse for registered agents in Lagos State.

 

Can Lasretrad help me recover my agency fee either from the Landlord or tenant that has refused to pay back?

Yes we can.

 

 Do I need to register? YES

Estate Agent Accreditation and registration is a voluntary scheme by which the state government can assure citizens of the state that property service provider adheres strictly to the ethical standard of Lagos Real Estate Transaction. Becoming an accredited registered Agent is a way of demonstrating to the general public that your organisation or management practices are in line with the minimum legal requirement of the State.

 

 I am a Professional Estate Surveyor & Valuer, do I still need to register? YES

If you are a member of the Nigerian Institution of Estate Surveyors & Valuers and you hold the Diploma of the Institution, you would have already been found to be fit and proper by your institution.  Accordingly, Associate Members of Nigerian Institution of Estate Surveyors & Values are exempted from necessary scrutiny since they are already qualified as practising Estate Agents.  However, in order to collate necessary data of licensees in the state, you still need to be on the register of LASRETRAD.  

 

 I am a member of Registered Estate Agents Association? Do i still need to register? YES

If you are a member of an association or organisation with Corporate Affairs Commission (CAC) registration, you may be register by Lagos State real Estate Transaction Department provided you are “fit and proper” to be a property service provider which may involve test and necessary training/endorsement by your association.

 

 I am an existing Estate Agent managing private rented property for a client, do i need to register? YES

You are encouraged to register with LASRETRAD, in any case, the landlord whose properties you manage must find you suitable and also the State Government through LASRETRAD will check that you are fit and proper to operate as an Agent in Lagos State.  You may wish to register independently in order to be able to market yourself to clients as “fit and proper agent”.

 

 When do i need to register?

You must apply to register before you let or sell any property in Lagos State.  If you are already letting or selling, you must contact LASRETRAD immediately for registration.

 

 How do i go about registration?

Registration is simple; you can register by down loading the application form on line fill it and sent it by post upon payment of the statutory fees.

 

 What information do i need to provide when applying for registration?

          Your name, operational Address. Name of your company (if any).

           Other names by which your are known

          Type of office accommodation used

          Sufficient description of your operational office

          Contact Address

          Referee and or

          Guarantor

          Declaration that you comply with all relevant laws on Real

           Estate Transaction

 

 I am a Property developer, do i have to register before i can sell or let my property? YES

You must register with LASRETRAD as an Associate Estate Agent to carry out sale or letting of the property you develop.  You can register as an Estate Agent where you are found  to be “fit and proper” to practise as an Estate Agent in the State.

 

 What does "fit and proper" mean?

To be registered, an Estate Agent must be fit and proper to let any property within the state. LASRETRAD will make use of any relevant information available to reach a decision on whether you are fit and proper. We take account of any evidence of:

          Breaches of law relating to real estate transaction

          Complaints and information which come to our attention regarding “would

           be or already registered Estate   Agents”. Such as unethical behaviour,

           inexperience, non-qualification, dishonesty, offenders involving fraud on Real

           Estate Transaction, etc.

          You must be 18 years and above

          Minimum qualification  of  WAEC or GCE or NECO

          Attestation by your Association/Professional Body or Organisation, Referee,

           and or Guarantor etc 

          Verifiable Operational Office

          Years of Experience i.e years of practice of the trade

 

How much of my information will memebers of the public be able  to see online?

Members of the public will be able to view the register on the internet.  By entering your name or the unique identification number attached to you, they will be able to see whether you are a registered Estate Agent in the state or not.

 

 How do i benefit from registration?

An accredited & good Estate Agent have nothing to fear from LASRETRAD registration, rather you stand to benefit a lot.  Registration will help the State Government to remove disreputable Real Estate Agents from the market.  This will remove the unfair competition of agents who provides poor services and let out houses that are not suitable for habitation.