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LASRERA INITIATIVES

In order to further enlighten members of the public about the activities of the Authority, there were series of interactive session with the Body of Permanent Secretaries of the MDA’s and 57 Chairmen of the Local Government and Local Council Development Areas, Officials of inter related Ministries, Departments and Agencies in pursuit of the achievement of the goal of the Authority.

The Agency also organized a Stakeholder’s Forum for Real Estate Practitioners and Property Developers in the Built Sector in February, 2020 at Adeyemi-Bero Auditorium, Alausa, to sensitize the practitioners on the need to confirm with State Government’s regulations by being licensed by LASRERA for database collections.

Meanwhile, The Agency has commenced a massive advocacy drive through Electronic / Social Media, A- Frame & Billboards across the State to create awareness, to curb dubious Real Estate transactions and registrations of practitioners who are yet to register.

The Agency has commenced a massive advocacy drive through Electronic / Social Media, A- Frame & Billboards across the State to create awareness, to curb dubious Real Estate transactions and registrations of practitioners who are yet to register.

Another policy initiative the Administration is working on is The MORTGAGE and PROPERTY LAW Cap M5 Laws of Lagos State, 2015, which was established to:

  • Generate a conducive environment for accessible and affordable mortgage/ charge for the benefit of the citizens of the State
  • Protect the residents of the State from sharp practices in relation to mortgage.
  • Stabilize the State’s economy from unacceptable practices by Mortgage Brokers, Lenders and all persons holding themselves out as offering funds on security by way of Mortgage or Charge on any property in the State.
  • Develop homes or housing estates so citizens of the State can acquire their own homes.

The Law seeks to conform with global best practices and proposes to include provisions to:

  • Remedy for wrongful sale of Properties
  • Provide guidelines for Mortgage on notice to sell and foreclosure.

amongst others for Lagos State to attain its goal as the economic hub in West Africa and globally.

LASRERA SALE/TENANCY REGISTRATION

TENANCY REGISTRATION is a LASRERA initiative, which regulates and protects the real estate sector in Lagos State through the development of a centralized online database created for collecting property transactions including tenancy and sales data. LASRERA seeks to regulate the relationships and interactions within the real estate sector in Lagos State while ensuring the full protection of the rights of all parties.

If you happen to be renting a room, shop, flat, house or an office unit in Lagos State, it is mandatory to register the Agreement. All receipts/agreements for properties must be registered through LASRERA. It is mandatory for all tenants to register their tenancy agreements with LASRERA. It’s an offence not to register your tenancy.

If you are buying a shop, a complex, a flat, or a house, it must be registered with LASRERA. This registration will protect your right under the law and ensure that the transaction is legitimate. This is the only way you can avoid fraudsters from taking advantage of you. As a developer or seller any sale transaction must be documented with LASRERA for it to be considered legitimate under the law of Lagos state.

The Tenant is responsible for registering tenancy agreement with LASRERA. Landlords can also submit tenancies for registration. As for sales agreements the responsibility for registration lies with both the buyer and the seller. Every property transfer is only deemed as completed when the transaction has been registered with LASRERA.

Designed to meet requirements of the law: the registration of Tenancy/sales transactions provides a safety net for all parties involved. It is aimed at establishing a strong and transparent regulatory system which focuses on the elimination of fraudulent activities in the real estate sector.

The agency will sanitise the sector and ensure compliance / enforcements as follows:

  • Demand from landlords to receive rent in excess of 6 months from a monthly tenant and one 1 year from a yearly tenant. Any landlord found guilty shall be fined or imprisoned.
  • Unsolicited offer from a sitting tenant to pay rent in excess of 6 months as a monthly tenant and one 1 year as a yearly tenant for any premises. Any tenant found guilty shall be fined or imprisoned.
  • Failure of landlords to issue receipts to monthly tenants and tenancy agreements to yearly tenants will result in a fine once convicted by a court of competent jurisdiction.
  • Non Issuance of Sale Agreement/ Transfer of Title deeds to a buyer by Seller will be tantamount to fraud and punishable under the law.
  • Failure of a seller to deliver a property to a buyer after collecting full payment under a purchase agreement is punishable under the law
  • Complete overhaul of sales transactions characterised by full disclosure and transparency thereby protecting all parties involved.

This provides the State government with the right information for infrastructure planning for future purposes , therefore failure to register your Tenancy/Sale/Lease or Mortgage Agreement denies citizens the opportunities for infrastructure growth , and access to the dispute resolution mechanisms of the State Regulatory Agency The standardisation of agreements will guarantee the commitment of all parties to fulfill their contractual obligations. LASRERA will ensure that contracts are fairly regulated through the system.

A receipt is generated once you have made payment for registration. The agreement is then updated on the State database. This can be verified from the LASRERA website at any time within the life of the agreement.

Visit the LASRERA designated agent’s office near you, to register all your agreements . Kindly go with copies of the the following documents:

  • Tenancy agreement
  • Sale
  • Agreement
  • The receipt issued by the Landlord to Tenant
  • The Landlords Contact details * Seller’s Contact details

The cost of registration varies per Local Government / Property Type and Term. A fee chart will be provided by your local LASRERA agent.

Yes, each time you sign or renew a tenancy agreement, you need to register the tenancy agreement.


FUNCTIONS OF THE AGENCY

The Agency shall perform the following functions:

  • Make regulations for the proper dealing in Real Estate transactions in the State.
  • Register and issue permits to Real Estate Practitioners.
  • Maintain a register of Real Estate Transactions, Real Estate Practitioners, their Brokers and Agents in the State.
  • Organize monitoring teams and conduct inspections in order to ensure compliance with the Lagos State Tenancy Law, Criminal Law and other legislations on Real Estate Transactions
  • Create a forum for affected members of society to lodge complaints against dishonest Real Estate Practitioners.
  • Investigate complaints and petitions against registered Real Estate Practitioners
  • Liaise with Law Enforcement Agencies and courts in the prosecution of Real Estate Practitioners suspected of violating the applicable Laws.
  • Collate data on property transactions.
  • Regulate and register tenancy transactions and agreements.
  • Ensure protection of citizens from illegal transactions
  • Ensure and confirm the payment of fees, taxes or charges on Real Estate transactions, such as Withholding Tax, Value Added Tax, Estate Duty, Land Use Charge and Outgoings as shall be imposed or charged by the Agency or any other Government Agency.
  • Organize seminars, symposia/workshops or other training sessions for registered Real Estate Practitioners and other Stakeholders.
  • Liaise collaborate with other inter-related bodies and MDAs, including but not limited to the , Ministry of Physical Planning and Urban Development and its agencies, Lagos State Lands Bureau, New Towns Development Authority, Office of the Surveyor General for the purpose of collecting and collating data on newly approved developments.
  • Provide consultancy services on housing data and connected matters to stakeholders, including Students, Engineers, Estate Surveyors and Valuers, Town Planners, Land Surveyors, Real Estate Agents, Builders, etc. operating in the State.
  • Provide facilities for training, education and research for the purpose of advancing the skill of staff employed to ensure conformity with national and global standards.
  • Periodically update the conditions for renewal of permit for Real Estate Practitioners in the State.
  • Sensitize the public about Real Estate Operations and attendant rules, risk and benefits, and recommend policies to the State Government that will enhance the Real Estate Transactions in the State.

IDENTIFICATION OF ABANDONED PROPERTIES

The Agency is responsible for the identification of abandoned structures in the State. This exercise would provide the Government with data for purposes of Urban Regeneration and would enable the State put to proper use structures which have become criminal hideouts and a menace to the society at large.