The Lagos State Real Estate Regulatory Authority (LASRERA) has declared its readiness to enforce the newly signed law aimed at holding property developers, individuals and organisations in Real Estate Business accountable, especially those with the intent to defraud property accommodation seekers across the State.
The Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, made this declaration during a recent courtesy visit to her office by Female Lawyers in Real Estate Practice (FELIREP) at Alausa, Ikeja.
Citing instances where some property developers collect money from potential clients above the available units of property, Benson-Awoyinka maintained that such individuals or organisations must be made to face the law to serve as a deterrent to others with similar intentions.
She asserted that the State Government is coming up with a policy that will encourage Property Developers to open an Escrow Bank Account with Financial Institutions to enhance financial transparency and protect citizens.
Benson-Awoyinka implored buyers to always engage Lawyers at every stage of all Real Estate Transactions to avoid falling victim to scammers in the sector, adding that the legal practitioners are always ready to guide prospective property buyers on how to avoid pitfalls.
The Special Adviser also advised Real Estate Practitioners on the need to understand the value of LASRERA Law, especially the aspect of documentation of Real Estate Transactions in terms of sales/purchases of property as well as identification of ownership.
She encouraged her learned professionals (Female Lawyers in Real Estate Practice, FELIREP) to see Real Estate Transactions beyond selling, buying or leasing of property, stressing that the Real Estate value chain is huge and yet untapped.
Earlier, the Founder of the Association, Peace Anomneze, explained that the group was created to increase awareness about Female Lawyers that are in Real Estate for mentorship purposes and also for advocacy on professionalism in carrying out Real Estate Transactions in the State.
Comparing the activities of the group with that of Lawyers in other sectors like Marine and Insurance, among others, Anomneze promised that FELIREP will invest in a mentorship programme for young Female Lawyers and individuals on how to understand the dynamics of the Real Estate Markets in the State.
She sought more cooperation from the State Government in the area of land documentation to ensure that the processing period is further reduced.