The Lagos State Real Estate Regulatory Authority: The New Ombudsman in town?

Signed into Law on 7 February 2022, the Law establishes the Lagos State Estate Regulatory Authority which is charged with administering the provisions of the Law, regulating real estate transactions and settling disputes arising from such transactions.

The Law also provides the conditions for owning and operating real estate licenses and furthermore, sets out standards of behaviour in line with international best practices that must be followed by persons operating in the real estate ecosystem within the State and the sanctions or repercussions for violations.

The key provisions of the Law and the potential implications in the real estate sector have been considered in this newsletter, in a way that may be of interest to real estate practitioners and potential players in the industry.