Lagos Sets Minimum Educational Requirement for Real Estate Agents

By Dipo Olowookere

Anyone willing to become a real estate agent in Lagos State will be required to possess at least the West African Senior School Certificate Examination (WASSCE).

This is the minimum educational requirement for real estate agents, according to the Lagos State Real Estate Regulatory Authority (LASRERA) Act signed by Governor Babajide Sanwo-Olu on Tuesday, February 8, 2022.

The Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka, explained that this move was taken to professionalised real estate practice in the state.

She also said the new law will make real estate transactions in the state conform to global and professional best practices as it would be very easy to regulate.

According to her, this is part of the government’s efforts to protect individuals from illegal real estate transactions and fraudulent persons or organisations in the sector, adding that it is now mandatory for people involved in tenancy agreements below five years to register their transactions with LASRERA.

Mrs Benson-Awoyinka maintained that the signing of the real estate law will boost financial transparency in the sales and purchase of property, stating that investors and investees can now be prosecuted upon discovery of fraudulent practices in transactions in the sector.

“It is now an offence for an individual or organisation to engage in real estate business in Lagos State without being registered with the agency. It is very important that real estate practitioners in the state comply with the provisions of the new law,” she said.

The Special Adviser envisaged that the new law will contribute to the ease of doing business in the state by curbing fraudulent and sharp practices, especially by unregistered practitioners in the sector.