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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.
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 patronize to avoid falling
into the wrong hands.
“Lagos State Government will not fold
its arm and allow such unscrupulous Agents to bastardize a noble profession,
hence, there is need to sanitize 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.
Meanwhile, members of the Lagos State
Chapter of the Estate Rent and Commission Agents Association of Nigeria
(ERCAAN) have commenced registration in 42 zones. According to the State
Chairman, Hon. Godwin Alenkhe, ERCAAN members spread across 42 zones in 52 Local Council Development Area are
already obtaining LASRETRAD registration forms.
He also explained that those who have
completed their registration will officially receive their license to practice
as Estate Agents in the State from LASRETRAD officials at the state anniversary
set to be held on Wednesday, June 26, 2013 in Amuwo Odofin.
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