LASRERA Warns Against Illegal Operations, Excessive Fees, and Exploitation
The Lagos State Government has issued a stern warning to individuals and organisations operating in the real estate sector without proper registration, declaring such acts unlawful under the state’s regulatory framework.
Speaking at Alausa, Ikeja, the Special Adviser to the Governor on Housing and Head of the Lagos State Real Estate Regulatory Authority (LASRERA), Barrister Barakat Odunuga-Bakare, stressed that no one is permitted to act as a realtor, commission agent, or real estate practitioner in the state without being duly registered and certified by LASRERA.
She further cautioned that dealing with unregistered practitioners—whether individuals or organisations—is equally a violation of the law.
Reiterating existing regulations, Barrister Odunuga-Bakare reminded stakeholders that agency fees must not exceed 10 per cent of the total transaction value. Any charge beyond this threshold is considered illegal. She urged members of the public with complaints or grievances—including overcharging—to formally report to LASRERA for appropriate redress.
Additionally, the Special Adviser stated that it is a criminal offence for any real estate practitioner to collect more than one year’s rent in advance, in line with state laws. She also condemned the practice of accepting payments from clients without providing the agreed-upon services, describing it as fraudulent and punishable.
She emphasized Governor Babajide Sanwo-Olu’s unwavering commitment to sanitising the real estate sector and safeguarding the interests of home seekers, property owners, and genuine practitioners alike.
“The era of unregulated, exploitative practices in the real estate sector is over. We are determined to protect residents and uphold professionalism in the industry,” she concluded.