In order to further enlighten members of the public about the activities of the Authority, there were series of interactive session with the Body of Permanent Secretaries of the MDA's and 57 Chairmen of the Local Government and Local Council Development Areas, Officials of inter related Ministries, Departments and Agencies in pursuit of the achievement of the goal of the Authority.
The Agency also organized a Stakeholder's Forum for Real Estate Practitioners and Property Developers in the Built Sector in February, 2020 at Adeyemi-Bero Auditorium, Alausa, to sensitize the practitioners on the need to confirm with State Government's regulations by being licensed by LASRERA for database collections.
The Agency has commenced a massive advocacy drive through Electronic / Social Media, A- Frame & Billboards across the
State to create awareness, to curb dubious Real Estate transactions and registrations of practitioners who are yet to
Another policy initiative the Administration is working on is The MORTGAGE and PROPERTY LAW Cap M5 Laws of Lagos State, 2015, which was established to:
The Law seeks to conform with global best practices and proposes to include provisions to:
amongst others for Lagos State to attain its goal as the economic hub in West Africa and globally.
TENANCY REGISTRATION is a LASRERA initiative, which regulates and protects the real estate sector in Lagos State through the development of a centralized online database created for collecting property transactions including tenancy and sales data. LASRERA seeks to regulate the relationships and interactions within the real estate sector in Lagos State while ensuring the full protection of the rights of all parties.
If you happen to be renting a room, shop, flat, house or an office unit in Lagos State, it is mandatory to register the Agreement. All receipts/agreements for properties must be registered through LASRERA. It is mandatory for all tenants to register their tenancy agreements with LASRERA. It's an offence not to register your tenancy.
If you are buying a shop, a complex, a flat, or a house, it must be registered with LASRERA. This registration will protect your right under the law and ensure that the transaction is legitimate. This is the only way you can avoid fraudsters from taking advantage of you. As a developer or seller any sale transaction must be documented with LASRERA for it to be considered legitimate under the law of Lagos state.
The Tenant is responsible for registering tenancy agreement with LASRERA. Landlords can also submit tenancies for registration. As for sales agreements the responsibility for registration lies with both the buyer and the seller. Every property transfer is only deemed as completed when the transaction has been registered with LASRERA.
Designed to meet requirements of the law: the registration of Tenancy/sales transactions provides a safety net for all parties involved. It is aimed at establishing a strong and transparent regulatory system which focuses on the elimination of fraudulent activities in the real estate sector.
The agency will sanitise the sector and ensure compliance / enforcements as follows:
This provides the State government with the right information for infrastructure planning for future purposes , therefore failure to register your Tenancy/Sale/Lease or Mortgage Agreement denies citizens the opportunities for infrastructure growth , and access to the dispute resolution mechanisms of the State Regulatory Agency The standardisation of agreements will guarantee the commitment of all parties to fulfill their contractual obligations. LASRERA will ensure that contracts are fairly regulated through the system.
A receipt is generated once you have made payment for registration. The agreement is then updated on the State database. This can be verified from the LASRERA website at any time within the life of the agreement.
Visit the LASRERA designated agent’s office near you, to register all your agreements . Kindly go with copies of the the following documents:
The cost of registration varies per Local Government / Property Type and Term. A fee chart will be provided by your local LASRERA agent.
Yes, each time you sign or renew a tenancy agreement, you need to register the tenancy agreement.
|1||Failure to register as stipulated by the law||Premises may be sealed and an appropriate fine imposed|
|2||Contravening or failure to comply with the above||Prosecution in accordance with the law|
The Agency shall perform the following functions:
The Agency is responsible for the identification of abandoned structures in the State. This exercise would provide the Government with data for purposes of Urban Regeneration and would enable the State put to proper use structures which have become criminal hideouts and a menace to the society at large.