Why Real Estate Business Must Begin And End With Lawyers - LASRERA

On Thursday, 7th April 2022, the Lagos State Real Estate Regulatory Authority (LASRERA) met with practicing Lawyers in Real Estate Sector in order deliberate on the newly amended LASRERA Law, examine its impacts on the Real Estate Practitioners and also explore the benefits inherent in the State Government’s proposed Monthly Rental Scheme and how residents can key into the initiative.

The event held at the Orchid Hall of the Eko Hotel & Suites, Victoria Island, Lagos. Top law firms and chambers were in attendance as well as government functionaries, particularly those in the housing sector.

The event served as an eye-opener for many. It also revealed why it is important for every transaction in the real estate business to begin and end with a lawyer. This according to experts will save all the parties a lot of trouble and keep them within the arm's length of the law.

DAMILARE SALAMI (08155134152) was there with Senior Photojournalist, ABDULRASHEED SANNI and here are excerpts, enjoy.

 

WE ARE NOT LEGISLATING MONTHLY RENT PAYMENT – MRS TOKE BENSON AWOYINKA

The Special Adviser to Gov. Babajide Sanwo-Olu on Housing, Mrs Toke Benson-Awoyinka noted that her agency, the Lagos State Real Estate Regulatory Authority, LASRERA, is not legislating the proposed monthly rent payment because it is a scheme of the state government.

Mrs Benson-Awoyinka revealed this while speaking with journalists at a stakeholders meeting involving LASRERA, the Lagos State Government and Lawyers in the real estate business.

While answering questions from journalists, Mrs Benson-Awoyinka explained that the proposed scheme is not compulsory for anyone noting that it is a human-face of the Sanwo-Olu led government to ease the burdens of rent payment on Lagosians.

“Today’s gathering is the maiden edition for practicing Lawyers in the Real Estate Sector in Lagos State to come together and deliberate on issues/challenges being faced in 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 Lawyers engaged as an integral part of every transaction 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 transactions in the sector.  

In his keynote address, the State’s Attorney-General and Commissioner for Justice, Mr Moyosore Onigbanjo, SAN expressed optimism about the new law, saying that it was designed to bring sanity into the sector and weed out touts that have made a lot of gains fraudulently from the sector.

 

LAGOS ATTORNEY GENERAL SPEAKS

Highlighting certain provisions of the law, Onigbanjo talked about the functions of the agency which involved policy formulations, training the stakeholders in the real estate transactions, collection of data of players in the industry, issuing of permits and possibly revocation of the same, as well as receive and investigate complaints from the public regarding transactions, amongst others. He assured that the law would change the landscape of real estate development and management in general.

Onigbanjo who was represented by the Director of Legal Drafting, Mrs Aderinsola Olanrewaju of the Ministry of Justice explained that law and regulations are very critical to the real estate as the forum would avail participants the opportunity to understand the intricacies of the legislation.

 

CPIC CHAIRMAN CAME VIRTUALLY

Speaking via a virtual platform, the Chairman, Construction Project and Infrastructure Commission (CPIC), NBA Section on Business Law, Mr Olayode Delano, SAN, said that the LASRERA Law would be beneficial to investors and property owners in the state. He further reiterated the importance of compliance so that all parties would benefit from the law.

 

DUPLICATION OF ROLES BY GOVT. AGENCIES CLARIFIED

While Permanent Secretary, Ministry of Physical Planning and Urban Development, Mrs Abiola Kosegbe clarified the issue of duplication of roles by different Government Agencies,  at the panel discussion, saying that all MDAs have specific functions though there are areas of synergy.

She explained that while Lasrera concentrates on the post-construction stage of Real Estate, other Agencies of Government are either involved in the conception stage which involves building materials testing, building control and implementation of approved building plans among others.

 

THE PANEL SESSION WAS HOT

The Company Secretary/ General Counsel, UPDC PLC, Mrs Folake Kalaro, during the Panel discussion on the LASRERA LAW, emphasized the need to review the academic qualifications for Real estate practitioners as stipulated in the law.

She stated that the law is a path toward ensuring normalcy in the real estate industry but wants the government to ensure the implementation of most of the policies, particularly the aspect that affects the Real Estate Market in the State.

Another Panelist, the Managing Partner, Adetola Ayanru & Co, Mrs Adetola Ayanru affirmed that the law seeks to address professionalism in the real estate sector considering the importance of real estate in Lagos State and its contribution to the state’s economy.

She said that when the law becomes fully operational, cases of fraud and sharp practices would become a thing of the past and more foreign direct investment would be attracted to the state.