The Lagos government is pursuing unregistered real estate agents

The Lagos state government has officially stated that involved in real estate transactions without proper registration with the Lagos State Real Estate Regulatory Authority (Lasrera) violates the law and will withdraw sanctions.

The announcement was made on Sunday at Alausa, Ikeja, by special advisors to the Governor of Housing and the Head of Lasrera, Ny. Barakat Odunuga-Bakar, through a public statement posted on the official X account (previously Twitter) the state government.

Odunuga-Bakar stressed that individuals or organizations who act as real estate agents, sales agents, or practitioners must get a valid Lasrera certificate before doing business related to property in the state of Lagos.

“It is a violation to practice real estate businesses, both as agents of commissions, brokers, or real estate practitioners, without proper registration with Lasrera,” he said.

He further warned that the same as violating the law for clients to transact with agents or companies that were not registered, urged the community to verify the registration status of each property practitioner before signing any agreement.

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Lasrera is responsible for regulating all real estate activities in the state, including registration of practitioners, monitoring transactions, and complaints investigations. The regulatory framework aims to protect the population from fraud, increase transparency, and increase investor and consumer confidence in this sector.

Highlighting the government’s concerns about increasing violations in the real estate market, Odunuga-Bakar emphasizes legal restrictions on agents’ costs.

“The agency costs must remain within the agreed range of the government from 0 to 10 percent,” he said, warning that every demand beyond this limit will be treated as a professional violation.

He also condemned illegal requests for more than one year of rent in advance, general practices in many parts of the lagos, as well as the collection of payments for services that were not provided.

Efforts to enforce the new government come in the midst of frequent violations, including exorbitant accusations by agents, not sending contracted services, and increased cases of real estate fraud targeting prospective tenants and buyers.

The government encourages citizens to report violations or unprofessional behavior to Lasrera and to verify agents or companies in the agency registry before being involved in the transaction.