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LAGOS STATE GOVERNMENT COMMENCES REGISTRATION OF ESTATE AGENTS

 

The establishment of Lagos State Real Estate Transaction Department is one of the present administration’s giant strides towards protecting the right of Lagosians, stakeholders – residents and practitioners of Real Estate in Lagos State. The purpose of the department is to further create a strategy for value change and service delivery that will impact positively on the economic growth of the State.


Towards this end and to effectively carry out the mandate of sensitizing the public about the activities of the department, a One- day Workshop/seminar is scheduled Thursday, 21st March, 2013.


According to the special Adviser on housing to the Governor, Hon. Jimoh Ajao, the operations of the department have already commenced on Wednesday, 2nd January, 2013, therefore, he advised   all the Estate Agents, Property service Providers or Complainants on Real Estate issues in Lagos state to start obtaining the Application Forms and Complaints Forms at the Corporate Office, No 2A, Adekunle Banjo Avenue, Magodo, Shangisha Lagos.


The Administration of Governor Babatunde Raji Fashola (SAN), established Lagos State Real Estate Transaction Department (LASRETRAD), to checkmate the activities of some Estate Agents who have been extorting money from innocent Lagosians in the name of securing accommodation for them, adding that people must contact the department to ascertain the authenticity of Estate Agents they patronise to avoid falling into the wrong hands.


“Lagos State Government will not fold its arm and allow such unscrupulous Agents to bastardise a noble profession, hence, there is need to sanitise this field of economy to bring back the confidence of the people in the profession” he said.
Specifically, Ajao said the department will be responsible for regulation and monitoring of the activities of estate agents in the state; ensure that residents are adequately protected in their transaction with real estate agents through the entrenchment of the principle of fair play, orderly conduct and accountability in the real estate sector of the state.


In addition, the SA (Housing) said the department will also perform the following functions: treating tenants and landlords in a fair, responsible and reasonable manner, promoting property investments and simplifying procedures and government policies to enhance compliance with international best practices in real estate agency administration of the State.


 In order to be more supportive of the vulnerable in the society, LASRETRAD is to monitor compliance with the Lagos State Tenancy Law, Criminal Law as it relate to Real Estate Transactions and other legislation on land transactions in the State; license estate agents, issue and renew their licenses annually, prosecute agents suspected of having violated the applicable laws in the state.


This is to further enhance Lagos position as an investment destination and to create a sustainable climate for ease of doing business in the state. The process of identifying persons eligible to be licensed as Estate Agents involves building a database that will metamorphose into a unique Estate Agent identification number (EAIN) in the State. The Database Management will ultimately lead to issuance of licenses to practice as Estate Agents in the State through an automation process.


A compendium of rules and regulations has been compiled to guide the practice of Real Estate in Lagos State, while preliminary information about practicing estate agents, licensees and other relevant organizations can be checked on the Department web portal that will be launch soon.  The establishment of the Department by the administration of Babatunde Raji Fashola (SAN), is aimed at increasing the accessibility of Lagosians to affordable homes, and with this dedicated Unit in place, the citizens of Lagos State are welcome to a new dawn in real estate practice.
 

 

Hon. Jimoh Ajao

Special Adviser to the Governor on Housing

Ministry of Housing