15 March 2022
Recently, Lagos State enacted the ‘Law To Regulate Real Estate Transactions In Lagos State And For Connected Purposes 2021’ (the ‘Law’), which aims to regulate Real Estate transactions, activities of registered real estate professionals and provide an avenue for the mediation of disputes in the real estate sector in Lagos State.
Signed into Law on 7 February 2022, the Law establishes the Lagos State Estate Regulatory Authority which is charged with administering the provisions of the Law, regulating real estate transactions and settling disputes arising from such transactions.
The Law also provides the conditions for owning and operating real estate licenses and furthermore, sets out standards of behaviour in line with international best practices that must be followed by persons operating in the real estate ecosystem within the State and the sanctions or repercussions for violations.
The key provisions of the Law and the potential implications in the real estate sector have been considered in this newsletter, in a way that may be of interest to real estate practitioners and potential players in the industry.