- Who is “Qualified” to let or sell properties in Lagos State?
- The unique Estate Agents Identification Number
- The benefits of the license
By Olumide T. Agunbiade
& Victor Adewunmi
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|
For decades, anyone can be a Real Estate Practitioner in
Nigeria. All you need is to be qualified or registered, own or develop a
property or simply have access to available properties to let and for sale. The
huge financial transactions involved, high property demand, the population and
the limited supply mainly in major cities such as Lagos, Abuja and Port
Harcourt has made the sector susceptible to abuse by many dishonest developers,
greedy landlords, unregistered agents and swindlers who engage in several
illegal practices to the detriment of the practitioners, citizens, foreigners,
stakeholders and the noble profession.
Today, the present administration of the Lagos State
government has taken a giant stride aimed at sanitizing the Real Estate sector
and protecting the right of Lagosians, stakeholders, residents and
practitioners of Real Estate in the state by establishing the Lagos State Real
Estate Transaction Department (LASRETRAD) under the Ministry of Housing.
PURPOSE OF LASRETRAD
The Lagos State Real Estate Transaction Department which was
established on June 22, 2012 by the Executive Governor of Lagos State, Mr.
Babatunde Raji Fashola (SAN), is the main regulatory authority in Lagos State
on Real Estate Transactions.
Aside being created by the state Government of Lagos State
with the aim to regulate Real Estate agents working in the state, the dedicated
department which has been operating since Wednesday, January 2, 2013, is also
responsible for maintaining market confidence, ensuring the protection and
enhancement of the stability of Lagos State Real Estate Market, securing
certain level of protection for property seekers, to make property transaction
process extremely transparent and total eradication of quackery in the Real Estate
industry of the state with an attempt to eliminate any type of frauds.
WHO IS ‘FIT AND PROPER’
TO LET OR SELL PROPERTIES IN LAGOS
Lagos, Nigeria’s economic hub which accounts for about 65% of
industry in the country and contributes more than 70% of the nation’s economic
output is currently filled with unregistered Estate Agents and swindlers. The
limited supply, high demand, increase in population in the state and the money
involved in Real Estate transactions in the state has made homeowners, their children,
Lawyers, Architects, Barbers, Tailors, Carpenters, Mechanics
and even Clerics to become property service providers in Lagos
State.
LASRETRAD’s determination and commitment to hunt down
unregistered Estates and swindlers in the state began with the recognition
of associations, Institutions, and
professionals described according to
their official website www.lasretrad.com,
as must be ‘fit and proper’ to be a
Practicing Estate Agent in the state.
A directive was also issued to ministries and agencies in the
state not to patronize unregistered agents with a plan to enforce the law with
special help from enforcement officers drafted to the agency. However, the
agency has made it a point of duty to inform all stakeholders before the
raiding commences.
Associate members of Nigerian Institution of Estate Surveyors
and Valuers (NIESV) are exempted
from necessary scrutiny since they are already qualified as practicing Estate
Agents. However, in order to collate the data of licensees in the state, they
still need to register with LASRETRAD.
Members of an association or organization with Corporate
Affairs Commission (C.A.C) registration may be registered by Lagos State Real
Estate Transaction Department provided they are certified to be a property
service provider which may involve test, necessary training and endorsement by
the association.
Presently, the Lagos
State Chapter of the Estate Rent and Commission Agents Association of Nigeria (ERCAAN), the largest association of
Estate Agents in Nigeria with 43 zone and 16 units in 53 Local Council
Development Areas in Lagos State, are organizing necessary training programmes
for their members across the state. Also, members of the Real Estate
Developers Association of Nigeria (REDAN) and the Association
of
property
Developers
Agent
of
Nigeria
(APICAN)
must register with the department as an
Associate Estate Agent before they can let or sale any property that they
develop in Lagos State.
To be certified, LASRETRAD will make use of any relevant
information available to reach a decision on whether a member of an
association, an individual or organization is fit and proper to be
licensed. The main regulatory authority will take account of evidence of age,
minimum qualification, verifiable operational office, years of experience,
breaches of law relating to Real Estate transaction and attestation by an
Association, Professional body or organization and a guarantor.
All Estate Agents are expected to register before letting or
selling any property in Lagos State while certified Property Service Providers
must adhere to the high standards of ethical behaviour as outlined in the Lagos
State code of Professional Ethics for certified Estate Agents.
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| An Agent receiving the LASRETRAD Certificate. |
THE UNIQUE E.A.I.N
The process of identifying Property Service Providers
eligible to be licensed 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 in Lagos State through an automation process. Besides, a public register
can be used to check if a professional, individual or an organization is
licensed by LASRETRAD, to find their contact details and also check if they
have any complaints upheld against them.
According to the special Adviser on housing to the Governor,
Hon. Jimoh Ajao, the administration of Governor Babatunde Raji Fashola (SAN)
established LASRETRAD, to checkmate the activities of some Estate Agents and
swindlers 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
bastardise a noble profession, hence, there is need to sanitize this field of
economy to bring back the confidence of people in the profession’’ he said. Specifically,
Hon. Ajao said the LASRETRAD 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 Special Adviser (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.
BENEFIT OF THE LICENSE
Clearly, Estate Agent registration and certification is a
voluntary scheme by which the state government can assure citizens of the state
that property service provider adheres strictly to the ethical standard of
Lagos Real Estate Transaction.
The benefits of becoming a licensed Estate in Lagos State
are:
1.
The
license is evidence to the general public that an organization or management
practices are in line with the minimum legal requirement of the state.
2.
The
process will assist the state Government Real Estate Environment to remove
disreputable Agents from the market.
3.
To
protect landlords and tenants.
4. To
protect communities and Lagosians from the impact of antisocial behaviour and
mismanagement of properties.
5.
To
further enhance Lagos position as an investment destination.
6.
The
license will create a sustainable climate for ease of doing business in the
state.
Besides, the establishments of Lagos State Real Estate
Transaction Department is aimed at increasing the accessibility of Lagosians to
affordable homes, and with this committed regulatory authority in place, the
citizens, stakeholders, residents and Real Estate Practitioners in Lagos State
are welcome to a new era.
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