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Lagos state Real Estate Regulations

Lagos Real Estate Regulations: The peaks and the dips

 

Lagos State Real Estate Regulatory Authority (LASRERA) pursuant to their core mandate has issued a Code of Conduct for Real Estate practitioners in Lagos State.

The provision of the code of the conduct is to the effect that

(1) Agency fees that will be paid out in a Real Estate transaction where they are two more agents is no more than 15% Commission.

(2) All transfer of title documents must be drafted by a legal practitioner and that legal practitioner shall not charge more than 12.5% as legal fees.

By virtue of this regulation the Lagos State Government is aiming to sanitize the Real Estate Industry so that developers can deliver on their core mandate to their Subscribers.

Notwithstanding the new Registration by the Lagos State Government EUC is still willing to work with ALL Realtors and Realtor Groups especially in the light of certain players in this industry trying to abandon our erudite Realtors and Realtor Groups that have played very key roles in the history.

However as regards our Pyramid marketing Scheme the Commission three will be 12% Direct Commission 2% Indirect (first Generation) and 1 % Indirect Commission (Second Generation) as a law abiding Company we are guided by the regulations of the Lagos State Government.

Kindly note that our culture of giving out incentives to our hard working consultants like Cars, Electronics,Bags of Rice etc shall remain.

This Commission structure will come into effect on the 1st of January 2021.

Merry Christmas and a wonderful New year in advance to all our Esteemed Partners.

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