These days, Nigerian real estate is expanding. Due to its substantial economic impact, it has grown to be a significant issue. However, just like any other industry, it needs laws to maintain order and ensure that no one is engaging in wrongdoing. Many individuals are monitoring events in Nigeria at the national and state levels, and some professional organizations are also becoming involved. The key to success in Nigerian real estate is maintaining the status quo.
Who Regulates Real Estate in Nigeria?
The main body in charge of regulating real estate matters at the federal level in Nigeria is the Estate Surveyors and Valuers Registration Board of Nigeria, or ESVARBON. Their main duty is registering estate surveyors and valuers while ensuring they follow strict professional guidelines.
The Lagos State Real Estate Regulatory Authority, or LASRERA for short, operates more locally. The main responsibility of LASRERA is to record all state-wide real estate transactions.
What is Lagos State Real Estate Regulatory Law?
The Lagos State Real Estate Regulatory Authority Law governs LASRERA, an organization in Lagos State. This regulation aims to keep things honest and legal when buying and selling property in the state.
The need for all real estate agents to register with LASRERA is one of this law's most important amendments. It almost seems as though doing business in real estate carries their official seal of approval. This lets you know that the persons you're working with comply with the law.
The important thing to remember is that LASRERA isn't just idly doing nothing. They are empowered to look into the activities of real estate agents, agencies, and developers. They serve as watchdogs in the real estate industry, ensuring everyone follows the rules. Therefore, you can rest confident that LASRERA has your back if you consider buying or selling real estate in Lagos State.
What is the Property Law Practice in Nigeria?
Property law in Nigeria is largely regulated by the Land Use Act of 1978, which vests land ownership in the Governor of each state, allowing the citizens to acquire leaseholds. Other important aspects of property law involve registering property titles and mortgages, and regulating landlord-tenant relationships, usually governed by the Tenancy Law in various states.
Do You Need a Real Estate License in Nigeria?
Certainly! First, You must acquire a license to begin a career in Nigeria's real estate industry. You must first pass a course in estate management or something similar to become a real estate specialist. Once you've mastered that, the next stage is registering with the right folks.
ESVARBON should be your friend at the federal level, and LASRERA should be your friend in Lagos State. The problem is that breaching the rules could get you in trouble. Criminal sanctions, large fines, or even exclusion from the real estate market are possible outcomes. Therefore, it is best to follow the guidelines and obtain that license.
Nigeria's real estate sector is starting to flourish. They've established some tight rules and guidelines. Additionally, the government and those professional organizations collaborate to guarantee that everything is professional and legal. Being on the right side of the law is important, but it's also good for business whether you're thinking about a career in real estate as a professional, developer, or investor.