The legislation for the establishment of Real Estate Transaction Department was confirmed by an Executive order No EO/BRF/009 of 2012, by his Excellency the Governor of Lagos State, Mr. Babatunde Raji Fashola (SAN).
The Real Estate Industry has become one of the most vibrant sectors of Lagos state economy. The infrastructural renewal policy of the State Government and increased public spending on capital projects have made the state a destination of choice for both commercial and residential housing developers and this has led to an upsurge in real estate investments in order to meet the expanding market.
This high market demand has however made the sector susceptible to abuse by individuals who engage in a number of unsalutary practices to the detriment citizens.
The Executive Governor of Lagos State, His Excellency Mr. Babatunde Raji Fashola (SAN), as part of the commitment of the present administration to regulate and restore confidence in the activities of Estate Agents in the State has set up this dedicated Unit known as Lagos State Real Estate Transaction Department (LASRETRAD) in the Ministry of Housing under the superintendence of the Special Adviser on Housing.
The Organisation is to work with the relevant agencies of Government to ascertain that Lagos residents are adequately protected in the course of real estate transactions and to equally entrench the principle of fair play, orderly conduct and accountability in real estate sector of the State. The Department is to also ensure that public and governmental activities are carried out in accordance with the laid down rules and regulations of the State on Real Estate Sector.
With the establishment of LASRETRAD, Government has set out a code of best practice requirements as to how to become a licensed agent in Lagos State and how complaints are to be handled with new sets of standards. This is aimed at stimulating public confidence in real estate transactions and it is hoped that it will ultimately engender accelerated growth of the State economy.
The objectives of LASRETRAD are many and diversified. They include treating tenants and landlords in a fair, responsible and reasonable manner, promoting property investments and simplifying the procedures of government policies in this regards with a view to enhancing compliance with international best practices in real estate agency in the State.
In order to be more supportive of the vulnerable in the society, LASRETRAD is also, to monitor compliance with the Lagos State Tenancy Law, Criminal Law as it relate to Real Estate Transactions and other legislation on land transactions in the State. License estate agents, issue and renew their licenses annually, prosecute agents suspected of having violated the applicable laws in this sector.
The purpose is to enhance Lagos position as an investment destination and to further create a sustainable climate for ease of doing business in the state. The process of identifying persons eligible to be licensed as Estate Agents involves building a database that will metamorphose into a unique Estate Agent identification number (EAIN). The Database Management will ultimately lead to issuance of licenses to practice as Estate Agents through an automation process.
The establishment of the Department by the administration of Babatunde Raji Fashola (SAN), is aimed at increasing the accessibility of Lagosians to affordable homes, and with this dedicated Unit in place, the citizens of Lagos State are welcome to a new dawn in real estate practice.
Source: Lagos State Government
FAQs on LASRETRAD
Can Lasretrad help get back my money or property?
Yes, if there are evidences that the transaction took place and consideration exchanged.
I do not want to go to court, can the offender be brought to book and I recover all he has collected from me?
Yes, if the respondent co-operates with LASRETRAD, matter may not go to court if mediation is successful.
After complaining, will I be protected from all forms of harassment that can come my way from the offenders?
From experience, the presence of the Government, stops all forms of harassment.
I do not have any document to the property I paid for, can I still get either my money or property or how can Lasretrad help in such situations?
Most of the times, with our mediation expertise, we do achieve a lot of success.
What punishment is given to offenders that will serve as deterrence to others that will put a stop to criminal activities?
We take offender to court for prosecution.
How can we be of help to Lasretrad?
By doing business with the right people, going through the appropriate channel to get things done, do not pay to anybody in whatsoever name without carrying out investigation on what you are paying for, if the agent is registered, ensure you search the LASRETRAD website for verification, conduct an independent inspection on the property yourself and ensure you get a written document signed and dated by the other party showing the transaction that transpired between the two of you. Endeavour to ask questions as much as you can before parting with your money.
Is there confidentiality in the dealings of Lasretrad?
Yes, if the circumstances of the case demands that it should be treated as such.
What do I require to become a registered agent?
How do I know who to deal with in getting a property or renting an apartment?
Go online and browse for registered agents in Lagos State.
Can Lasretrad help me recover my agency fee either from the Landlord or tenant that has refused to pay back?
Yes we can.
Do I need to register?
Yes, Estate Agent Accreditation and registration is a voluntary scheme by which the state government can assure citizens of the state that property service provider adheres strictly to the ethical standard of Lagos Real Estate Transaction. Becoming an accredited registered Agent is a way of demonstrating to the general public that your organisation or management practices are in line with the minimum legal requirement of the State.
I am a Professional Estate Surveyor & Valuer, do I still need to register?
Yes, If you are a member of the Nigerian Institution of Estate Surveyors & Valuers and you hold the Diploma of the Institution, you would have already been found to be fit and proper by your institution. Accordingly, Associate Members of Nigerian Institution of Estate Surveyors & Values are exempted from necessary scrutiny since they are already qualified as practising Estate Agents. However, in order to collate necessary data of licensees in the state, you still need to be on the register of LASRETRAD.
I am a member of Registered Estate Agents Association? Do I still need to register?
Yes, if you are a member of an association or organisation with Corporate Affairs Commission (CAC) registration, you may be register by Lagos State real Estate Transaction Department provided you are “fit and proper” to be a property service provider which may involve test and necessary training/endorsement by your association.
I am an existing Estate Agent managing private rented property for a client, do I need to register?
Yes, you are encouraged to register with LASRETRAD, in any case, the landlord whose properties you manage must find you suitable and also the State Government through LASRETRAD will check that you are fit and proper to operate as an Agent in Lagos State. You may wish to register independently in order to be able to market yourself to clients as “fit and proper agent”.
When do I need to register?
You must apply to register before you let or sell any property in Lagos State. If you are already letting or selling, you must contact LASRETRAD immediately for registration.
How do I go about registration?
Registration is simple; you can register by downloading the application form online fill it and send it by post upon payment of the statutory fees.
Download form by clicking on the download icon below
What information do I need to provide when applying for registration?
- Your name, operational Address. Name of your company (if any).
- Other names by which your are known.
- Type of office accommodation used.
- Sufficient description of your operational office.
- Contact Address.
- Referee and or Guarantor.
- Declaration that you comply with all relevant laws on Real Estate Transaction.
I am a Property developer, do I have to register before i can sell or let my property?
Yes, you must register with LASRETRAD as an Associate Estate Agent to carry out sale or letting of the property you develop. You can register as an Estate Agent where you are found to be “fit and proper” to practise as an Estate Agent in the State.
What does “fit and proper” mean?
To be registered, an Estate Agent must be fit and proper to let any property within the state. LASRETRAD will make use of any relevant information available to reach a decision on whether you are fit and proper. We take account of any evidence of:
- Breaches of law relating to real estate transaction
- Complaints and information which come to our attention regarding “would be or already registered Estate Agents”. Such as unethical behaviour, inexperience, non-qualification, dishonesty, offenders involving fraud on Real Estate Transaction, etc.
- You must be 18 years and above.
- Minimum qualification of WAEC or GCE or NECO
- Attestation by your Association/Professional Body or Organisation, Referee, and or Guarantor etc.
- Verifiable Operational Office.
- Years of Experience i.e years of practice of the trade
How much of my information will members of the public be able to see online?
Members of the public will be able to view the register on the internet. By entering your name or the unique identification number attached to you, they will be able to see whether you are a registered Estate Agent in the state or not.
How do I benefit from registration?
An accredited & good Estate Agent have nothing to fear from LASRETRAD registration, rather you stand to benefit a lot. Registration will help the State Government to remove disreputable Real Estate Agents from the market. This will remove the unfair competition of agents who provides poor services and let out houses that are not suitable for habitation.