Lagos property developers to open escrow bank account

A new policy is underway that will encourage property developers to open an escrow bank account with financial institutions. The Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, who made this known during a courtesy visit to her office by Female Lawyers in Real Estate Practice (FELIREP), said the policy would promote financial transparency and protection of citizens in transactions.

She declared the readiness of the Lagos State Real Estate Regulatory Authority, (LASRERA) to commence enforcement of its newly signed Law aimed at holding property developers, individuals and organisations in real estate business accountable, especially those with the intentions to defraud accommodation seekers across the state.

Citing the instance of some property developers, who are in the habit of collecting money from potential clients above the available units of property,

Benson-Awoyinka maintained that such individuals or organisations must be made to face the Law in order to serve as deterrent to others with similar intentions.

While encouraging Lagos residents to always engage lawyers at every stage of real estate transactions so as not to fall victims of illegal swindlers in the sector, Benson-Awoyinka added that the legal practitioners are always ready to guide prospective property buyers on how to avoid some pitfalls.

The Special Adviser advised real estate practitioners on the need to understand the value of LASRERA law, especially the aspect of documentation of real estate transactions for ease of doing business in terms of sales/ purchases of properties for identification of ownership.

She encouraged the female lawyers to see real estate transactions beyond selling, buying or leasing of properties or cut and paste of documents, stressing that the real estate value chain is huge and yet untapped.

Earlier, the founder, FELIREP, Peace Anomneze, explained that the essence of body is to create awareness about female lawyers that are in real estate for mentorship purposes and also for advocacy on professionalism in carrying out real estate transactions in the state.

Stating examples of lawyers in other sectors like Marine, Insurance, among others, Anomneze promised that the body of FELIREP will invest in mentorship programme for young Female Lawyers and individuals on how to understand the dynamics of the real estate markets.

She sought for more cooperation from the state government in the area of land documentation to ensure that the processing period is further reduced.