The Lagos State Real Estate Regulatory Authority (LASRERA) is an agency in Lagos State saddled with the responsibility of ensuring that real estate activities are conducted ethically and transparently. Below is an overview of its core functions:
Five Core Functions of LASRERA:
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Policy Development: LASRERA formulates and proposes strategies to the state government aimed at improving real estate activities, ensuring they align with both local needs and international standards.
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Tenancy Agreement Oversight: The authority oversees the registration of tenancy contracts, particularly those exceeding five years, to ensure they comply with state regulations.
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Compliance Monitoring: LASRERA conducts regular inspections to ensure adherence to the Lagos State Tenancy Law and other relevant legislation, promoting fair practices within the sector. In fact, before a permit is issued to any practitioner, LASRERA will carry out inspections of the physical office to establish the existence and genuiness of the company.
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Complaint Investigation: The agency addresses grievances and petitions from the public concerning real estate transactions, ensuring that practitioners uphold ethical standards. This presents a great opportunity for the citizens to channel their complaints to the agency for necessary mediation.
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Dispute Mediation: LASRERA facilitates the amicable resolution of conflicts between parties involved in real estate transactions, fostering trust and stability in the market. This function by LASRERA builds public confidence and ensures that real estate practitioners carry out their services conscientiously.
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