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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