The Lagos State Government has declared it a criminal offence for any individual or organisation to engage in real estate practice within the state without first registering with the Lagos State Real Estate Regulatory Authority (LASRERA). This enforcement move is aimed at curbing widespread fraud and restoring order in the property market.

The announcement was made in Alausa, Ikeja, by the Special Adviser to the Governor on Housing and Head of LASRERA, who emphasized that no one is permitted to act as an agent, realtor, or real estate practitioner without a valid LASRERA registration certificate. Even individuals who conduct transactions with unregistered agents risk facing legal consequences.

The state government explained that LASRERA oversees all property-related activities in Lagos by registering practitioners, monitoring transactions, and investigating complaints. This regulatory framework is meant to protect home seekers, property owners, and licensed agents from dishonest practices while fostering confidence in the real estate sector.

In a warning to practitioners, the agency reminded all stakeholders that agency fees must not exceed the official limit of 10 percent. Real estate agents found demanding charges beyond this ceiling, or collecting more than one year’s rent upfront, will face penalties. These illegal practices, which remain common in Lagos despite existing laws, are now under tighter scrutiny.

Residents have been urged to report cases of overcharging, poor service delivery, and misconduct to LASRERA. The agency has also advised Lagosians to verify the registration status of any real estate professional before entering any transaction.

This enforcement drive is part of Governor Babajide Sanwo-Olu’s broader agenda to sanitize the real estate market and ensure it functions transparently for the benefit of all stakeholders. (MSME AFRICA)

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