ESSENTIAL FACTS ABOUT LAGOS STATE REAL ESTATE TRANSACTION DEPARTMENT POLICY
WHAT IS LASRETRAD?
Lagos State Real Estate Transaction Department is the main regulatory authority in Lagos State on Real Estate Transactions.
This dedicated department was created by the state Government of Lagos State with the aim to regulate Real Estate agents working in the state. It was established on 22nd June, 2012 BY His Excellency, the Executive Governor of Lagos State, Mr. Babatunde Raji Fashola (SAN) and the entire Lagos State Executive Council strongly supported the establishment of this regulatory body.
WHAT IS LASRETRAD PURPOSE?
The purpose of LASRETRAD can be narrowed down to five (5) specifics. These are; maintaining market confidence, ensuring the protection and enhancement of the stability of Lagos State Real Estate Market, securing certain level of protection for property seekers, to make property transaction process extremely transparent and total eradication of quackery in Real Estate industry of the state with an attempt to eliminate any type of property frauds.
WHAT DOES LASRETRAD DO TO PREVENT PEOPLE ACQURING OR BUYING THE WRONG PROPERTY?
In a competitive market, the philosophy of LASRETRAD is that property seekers should be provided with necessary information needed to make informed decisions. Such information must be clear, fair and not misleading. Also, such prospective clients have the right to expect that any professional advice received is appropriate for his/her individual circumstance.
In essence, the true condition of the property must be disclosed. See article 3-9 of the Primary Duty to Client, under licensed Estate Agents Code of Conduct.
WHAT DOES LASRETRAD DO TO STOP SCAMS/SWINDLERS ON REAL ESTATE?
Our website contains details of steps taken to prevent scams, but this is an area in which common sense and caution on the part of individual home seekers/prospective investors are the most effective form of protection.
Avoid unregistered Estate Agents
Together, we can nip in the bud, activities of quacks and all unwholesome trade practices
on Real Estate Transaction in Lagos State.
Contact us to ascertain the authenticity of estate agents you patronize. Find out if they
registered with us to avoid falling into the wrong hands.
Find out how to complain about an Estate Agent, Firm, Developer or Individual.