On the 7th February, 2022, the Executive Governor of Lagos State (the State), His Excellency, Mr. Babajide Sanwo-Olu signed the Lagos State Real Estate Regulatory Authority (LASRERA) Bill into Law. The LASRERA Law (“the Law”) is intended to regulate real estate transactions in Lagos state as well as protect individuals from illegal real estate transactions and fraudulent persons/organizations in the real estate sector in the state. The Law makes provision for the interpretation of the terms that are essential to real estate transactions and administration in Lagos state such as ‘Abandoned Buildings or Structures’, ‘Broker’, Client, ‘Field Worker’, ‘Memorandum of Understanding’, ‘Off-plan Arrangement’, ‘Real Estate Transaction’, ‘Stakeholders’ amongst others.
This article highlights salient provisions of the Law with the objective of enlightening the public on the innovations introduced to the real estate landscape in Lagos state.
