Stakeholders in the real estate industry gathered in Lagos to analyse the key elements of the Lagos State Real Estate Regulatory Authority Law (LASRERA Law) and assess the new legislation’s likely impact on the industry.
The discussion also discusses the monthly rental system and how residents might participate in this worthwhile project.
The Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, said that lawyers are essential in real estate transactions and must be engaged at all times, speaking at the inaugural edition of the forum, which was organized in collaboration with the Construction Projects and Infrastructure Committee of the section on Business Law, Nigerian Bar Association.
Benson-Awoyinka, who lamented the high number of frauds perpetrated by unscrupulous people, stated that most fraudulent real estate deals do not have lawyers involved as an integral element of the transaction from start to finish.
She emphasized that the LASRERA law was revised in order to regulate and bring rationality to the Real Estate Sector and all transactions that occur inside it.
As legal experts, she emphasized that property lawyers’ responsibility is to protect the interests of all parties in any Real Estate Transaction.
“Real Estate transactions contain applicable processes and required documentation for the preparation of specific property business transactions in the industry.”
“Lawyers and real estate agents provide fundamentally distinct services in real estate transactions. A real estate agent is involved in the process of buying/selling properties or providing rental services, while all legal paperwork is handled by a lawyer in accordance with the law. To that end, our opinions and experiences as learned professionals will ensure that these discussions and proposals are effective while adhering to worldwide best practices in the Lagos State Government’s Real Estate Market.
“It has become critical for lawyers to be well-versed in the provisions of the law in order to provide competent counsel to their clients in the domain of property and real estate.” she remarked
The project, according to the Special Adviser, is a social investment program of the Lagos State government to ease the suffering of people seeking comfortable homes, and the State Government will not compel any Landlord to participate in it.
She went on to say that a payment plan with insurance and legal coverages would ensure a regular pattern of payment by the tenant, as well as relieve the tenant of the strain of unbundling large amounts on an annual basis.
“We will not legislate on the monthly rental scheme,” she stated, “but we will continue to strive toward the scheme being widely supported by locals.”
“What we’re proposing is a program in which we’ll bring in.
It is a single-digit payment method that will be managed by the private sector and backed by the government.”
Mr. Moyosore Onigbanjo, SAN, the Attorney General and Commissioner for Justice in Lagos, expressed hope about the new law, which he said was intended to bring sanity to the industry and weed out touts who had made a lot of money fraudulently from it.
Using the law as a guide, Onigbanjo discussed the agency’s responsibilities, which include policy formulation, training for stakeholders in real estate transactions, data collection from industry players, permit issuance and revocation, as well as receiving and investigating complaints from the public.
Mrs. Aderinsola Olanrewaju, Director Legal Drafting, Ministry of Justice, represented Onigbanjo, who stated that law and regulations are highly important in real estate, and that the forum will provide participants with the opportunity to learn the subtleties of the legislation.
Discussions focused on crucial elements of the law that emphasized the need of incorporating well-educated and professional real estate agents, as opposed to provisions of the law that limited entry qualifications to holders of WAEC or NECO certificates.
They also emphasized the diversity of agencies that, in their opinion, impair real estate operations, while suggesting a more integrated operation.
They all agreed that the law is a step toward restoring normalcy in the real estate industry, but they want the government to ensure that most of the policies are implemented, particularly those that influence the state’s real estate market.
Housing shortages in Lagos, land ownership issues, affordable land, inflow of low-income earners into the state, and availability to single-digit loans were among the issues cited.