The Lagos State government says it is coming up with a policy that would protect property buyers from scam by encouraging developers to open an Escrow Bank Account with financial institutions.
Special adviser to the state governor on housing, Toke Benson-Awoyinka, who gave this hint at the weekend, explained that the escrow bank account will promote financial transparency and protection of citizens in real estate transactions.
This, she explained further, has become necessary as the state gets set to enforce its newly signed real estate regulatory law which is aimed at holding property developers, individuals and organisations in real estate business accountable, especially those that have intentions to defraud accommodation seekers across the state.
The special adviser spoke when Female Lawyers in Real Estate Practice (FELIREP) paid a courtesy visit to her office in Alausa.
She encouraged Lagos residents to always engage lawyers at every stage of real estate transactions so as to avoid falling victims to swindlers in the sector, adding that legal practitioners were always ready to guide prospective property buyers on how to avoid pitfalls.
Read also: FG seeks media support against Lagos land grabbers
“Real estate practitioners should understand the value of LASRERA Law, especially the aspect of documentation of real estate transactions for ease of doing business in terms of sales and purchases of properties for identification of ownership,” the special adviser said.
She encouraged FELIREP 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, FELIREP Founder, Peace Anomneze, explained that the essence of the body was 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.
Giving examples of lawyers in other sectors like Marine, Insurance, among others, Anomneze promised that the FELIREP will invest in a mentorship programme for young female lawyers and individuals on how to understand the dynamics of the real estate markets in the state.
She sought for more cooperation from the state government in the area of land documentation to ensure that the processing period is further reduced.
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