Lagos State Government has pegged the agency fees charged house renters in the State to 10 percent. Just as it warned that it is an offense to practice real estate business, either as a commission agent, realtor or real estate practitioner without proper registration with the Lagos State Real Estate Regulatory Authority.
This was disclosed by the Special Adviser to the Governor on Housing and Head of the Real Estate Regulatory Authority, Barakat Odunuga- Bakare.
He stated that it is an offence for anyone to deal with persons or organizations that have not registered and obtained the LASRERA certificate of practice.
The Special Adviser also reaffirmed that agency fees charged by agents must be between zero and ten percent.
Bakare encouraged persons who are charged above ten percent or who have other complaints or grievances to channel such to the LASRERA office.
The SA, also affirmed that it is an offense for practitioners in the real estate sector to demand more than one year rent from clients.
She stated unequivocally that the State Government has declared “it a big offense for any real estate practitioners to obtain money from any Lagosian without rendering the appropriate services to the clients.”
Bakare went on to reaffirm the State Government’s commitment to restoring sanity to the real estate sector. And assured of the Government’s protection of the interest of home seekers , property owners and practitioners.