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LICENSING

 

    Sensitize the public about estate agency and attendant rules, risks and benefits.

    Estate Agent registration

    Enforcement of Estate Agency Laws

    Monitor compliance with the Lagos State Tenancy Law of August, 2011 i.e. the law that 

    regulates rights and obligations  under tenancy agreements, and the relationship between the

     landlord and the tenant, including procedures for the recovery of premises.

    Ensure protection of citizens of Lagos state from illegal real estate trade practices.

    Prosecute agents suspected of having violated the applicable laws.

    Create a forum for affected members of the society to lodge complaints against

      unscrupulous agents.

 

LICENSING AN AGENT

Currently, Estates are required to be licensed under the legislation.

An Estate Agent is defined as a person or institution, who acts as Agent for another person and for, or in expectation of reward, purchases, sells, lets or offers for sale or letting, or invites, offers to purchase or take a letting of, or negotiates for the purchase, sales or letting of a house or building otherwise than by an auction or attempts to effect such purchase, sale or letting.

 

PROCEDURE FOR REGISTRATION

At present and with effect from 2nd January, 2013, if a person or organisation wishes to apply for a license, he/she must first obtain the following documents:

 

CERTIFIED APPLICATION

  This can be obtained by application to LASRETRAD or you can download the LASRETRAD

   LICENSE APPLICATION FORM from the web. Applicants must pay the prescribed fee of

   N5000 to any of our designated banks.

  The applicant is required to submit the completed application form deposed to by an affidavit

   and an acknowledgment certificate will be issued to the applicant.

  Tax clearance certificate. A certificate must be obtained from Lagos State Internal Revenue

   Service’s to prove that your tax is up to date.

 

APPLYING FOR LICENCE THROUGH OUR ZONAL OFFICES

The licence application form or complaint form can also be obtained from our zonal offices. It should be completed and returned to the same zoned offices or to our corporate office accompanied by the necessary documents, certify bank payment of the application form (N5000 only) and tax clearance certificate.

 

THE PROCEDURE FOR THE LICENSING REGIME

Under the present procedure, this body now has a categorized Licensing Regime. Details of this can be obtained from any of our offices within the state.

    Our organisation is the sole body involved directly in the issuance of a license under

     the present regime in the state.

    Applicants will have to satisfy this Department of their suitability on grounds of experience

     and character.

    All licensees will be required to have adequate professional training, a referee and guarantor

     by their statutory professional body or association that they belong, or CDA

     Chairman, community leader or public servant of Level 14 and above.

    The appropriate fee will have to be paid.

 

Before obtaining a licence: A prospective Estate Agent must be a Nigerian by birth or by Naturalization and shall be at least 18 years of age with a minimum educational qualification of WAEC, NECO and School Leaving Certificate, or at least have sufficient level of Estate Agent experience to be determined by the Department. Also, at least one person in the organisation must be a member of any statutory professional body recognised in Nigeria such as Nigeria Institute of Estate surveyor and Valuers, any other recognised professional body in Nigeria or any Registered Association of Estate/Rent/Commission Agents and if company name, he/she must show evidence of registration of business name. Before any company can be registered as an Estate Agent, it must be incorporated and one of the directors of the company must be a Nigerian and a member of any of the afore-mentioned association or body.

Our system is simplified using modern technology; the assessment of the applicant will be more detailed.

Under the legislation, our department is required to publish and maintain a public register of licences.