.. To formulate policy for developers to open Escrow Bank account
As a result of the frequent collapse of buildings in Lagos State, the Lagos State Real Estate Regulatory Authority, (LASRERA), has threatened to clampdown on treacherous real estate developers
The agency said it has concluded plans to commence the enforcement of its newly signed law aimed at holding property developers, individuals and organisations in the real estate business accountable.
The Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, during a courtesy visit to her office by Female Lawyers in Real Estate Practice (FELIREP), said those with the intentions to defraud accommodation seekers will no longer be able to operate in the state.
At the meeting, she gave instances of some property developers who are in the habit of collecting money from potential clients above the available units of property.
The Governor’s aide 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 in order 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.
She also disclosed that the state government is set to formulate a policy that will encourage property developers to open an Escrow Bank account with financial institutions.
Explaining the concept of Escrow banking of funds, she said it would help to promote financial transparency and protection of citizens in transactions.
