How Does the Lagos Real Estate New Law Benefit Me?

On Monday, the 7th of February 2022, at the Executive Chamber of the Lagos House in Ikeja, Governor Babajide Sanwo Olu of Lagos State signed into law a bill to regulate real estate transactions in the state in line with his commitment to clean up the sector and protect people’s interests across Lagos.

Every Lagosian is mostly concerned about how this bill benefits them, whether as a landlord, tenant, agent, developer, or real estate organization.

Let us find out how this new law will benefit you.

According to Sanwo-Olu, the new real estate law will strengthen government and citizens’ engagement and relationships and for residents of the state to continue to live in an atmosphere where the rule of law is enshrined for people and to know what is expected of them. In order words, Lagosians can now expect a more robust involvement by the government in matters of real estate to ensure no one is cheated and this will mean a full weight of the rule of law will come on any defaulter or illegal realtor who tries to drain people of their hard earn money when purchasing a property.

He added that this law will help to protect the citizens; the innocent Lagosians who fall prey to many so-called real estate agencies who portray themselves as legit.

According to him, the law will also help players in the real estate sector to know what is expected of them and for government to be able to track who is doing what in the sector.

“It is really about ease of doing business and ensuring that we can continue to attract private sector investments into the real estate space. We believe this law would be the very first in the country that has taken a deep dive into what is happening in that space and it further strengthens our intervention in housing through the Ministry of Housing,” he said.

With this new law in Lagos State, there is a renewed hope that more people can now venture into real estate investment without any fear of getting defrauded knowing that they have the backing of the law to protect them.

At Boundless Multi–Services Solutions Nig. Ltd, all our services from selling, and buying, are well under the provisions of the law and customer satisfaction is our drive as we continuously make home search easy for everyone.

cc: Punch