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WHAT WE DO

 

POLICY DIRECTION ON THE ESTABLISHMENT OF THE LAGOS STATE REAL ESTATE TRANSACTION DEPARTMENT.

 

     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.