The West African Senior School Certificate Examination (WASSCE) has been made the basic requirement for real estate developers in the state. This decision was arrived upon in a documentary by the Lagos State Real Estate Regulatory Authority (LASRERA) Act signed by Governor Babajide Sanwo-Olu on Tuesday, February 8, 2022.
A statement by Mrs. Toke Benson-Awoyinka, Special Adviser to the Governor on Housing, explained that the action was taken heighten the level of standard set for precessionals in the real estate sector in the state.
She also said “the new law will make real estate transactions in the state conform to global and professional best practices as it would be very easy to regulate”.
She said this is the biggest step taken by government to protect individuals from illegal real estate transactions and fraudulent persons or organisations in the sector, adding that it is now mandatory for people involved in tenancy agreements below five years to register their transactions with LASRERA.
Mrs Benson-Awoyinka maintained that the signing of the real estate law will boost financial transparency in the sales and purchase of property, stating that investors and investees can now be prosecuted upon discovery of fraudulent practices in transactions in the sector.
“It is now an offence for an individual or organisation to engage in real estate business in Lagos State without being registered with the agency. It is very important that real estate practitioners in the state comply with the provisions of the new law,” she said.
The Special Adviser envisaged that the new law will contribute to the ease of doing business in the state by curbing fraudulent and sharp practices, especially by unregistered practitioners in the sector.