The Lagos State Real Estate Regulatory Authority, LASRERA, in conjunction with the Construction and Infrastructure Projects Committee of the Section on Business Law, Nigerian Bar Association on Thursday, April 7, 2022 held a stakeholders meeting to discuss the grey areas with lawyers practicing real estate in Lagos.
At the event, the Special Adviser to Gov
Sanwo-Olu on Housing, Mrs Toke Benson-Awoyinka delivered an address where she revealed
what is expected of the legal practitioners taking up real estate businesses in
Lagos.
Below is an extract from her speech,
read on.
PROTOCOL
With great pleasure, I welcome my
Learned Professional, Colleagues and Friends for honouring us with your
presence today at this auspicious occasion.
Today's gathering is the maiden edition
for practicing Lawyers in the Real Estate Sector in Lagos State tocome together
and deliberate on issues/ challenges being faced on the Sector, furthermore we
shall also look into the Grey areas in the LASRERA LAW and the PROPOSED MONTHLY
RENTAL POLICY SCHEME by the State Government.
It is no doubt that Lawyers are
essential in Real Estate Transactions, experience and records have shown that most
fraudulent Real Estate transactions do
not have Lawyer engaged as an integral
part of every transactions from
conception to closing.
The LASRERA LAW was reviewed in order to
regulate and bring sanity to the Real Estate Sector, as well as all
transactions therein, this is to the benefit of lawyers and their prospective
clients both in Lagos State and the diaspora.
The role of property Lawyers is to
protect the interest of all parties in any Real Estate Transaction, as Legal professionals,
Real Estate transactions have relevant processes with necessary documents required
for the preparation of specific property business transaction in the
sector.
In Real Estate transactions, Lawyers and
Real Estate Agents offer completely different services, Real Estate Agent is
involved in the process of buying/selling properties or rental services while
all paper works are handled by a Lawyer as prescribed by the Law.
To this end, our perspectives and
experiences as Learned Professionals will make these deliberations and recommendations
impactful while meeting International best practices in the Real Estate Market
of the Lagos State Government.
In other developed countries, licensed
Real Estate Lawyers draft and vet documents related to Real Estate Transactions
with a view to ensuring Potential Clients are not being misled while doing such
Transactions.
It has become imperative for us as
Lawyers to be well guided by the provisions of the law so that we can give
professional advice to our clients in the area of property and real estate business.
As Lawyers, we are major stakeholders
with LASRERA and you must be involved in the State Government's Proposed
Monthly Rental Policy Scheme.
As Real Estate Lawyers in Practice, We
need to curb litigation fraud cases such as Mortgage Fraud, Residential or Commercial
Real Estate in this Sector.
We are not cut and paste Professionals
but Learner Persons in our field, we have specified functions to safeguard and
ensure authenticity of any legal documents in these sectors.
Ladies and Gentlemen, undoubtedly, there
would be challenges, we have expertise that can guide, provide advice and
assist the State Government to interpret its policies to the general public.
I hope our deliberations at this Forum
will be successful and make tremendous impact in the Real Estate Sector within
the State.
Welcome and
thank you for your attendance.
God bless us.
IGBEGA IPILE EKO AJUMOSE WA NII (FOR A GREATER
LAGOS)
Mrs Toke
Benson-Awoyinka
Special
Adviser (MOH)
7TH
APRIL, 2022
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