By Oluwafemi Davies, Nigeria MLS Properties
Before 2021, anyone in Lagos could wake up one morning and decide to be a real estate agent. No registration. No exam. No accountability. You just printed business cards, grabbed a listing from somewhere, and started collecting money from unsuspecting clients. The result was predictable — a market full of agent wahala, missing deposits, disappeared landlords, and buyers who paid for properties that were simultaneously being shown to five other buyers.
The Lagos State Real Estate Regulatory Authority — LASRERA — was established to fix this. The Lagos State Real Estate Transaction (Regulation and Licensing) Law of 2021 is the legal framework. Understanding it is not optional for anyone buying, selling, or renting property in Lagos.
What is LASRERA?
LASRERA stands for Lagos State Real Estate Regulatory Authority. It was established by the Lagos State Real Estate Transaction (Regulation and Licensing) Law 2021, signed into law by Governor Babajide Sanwo-Olu.
Its mandate is to regulate all real estate transactions in Lagos State — including the licensing of agents, developers, and property management companies, and the registration of all property transactions above a certain value.
What LASRERA Requires
| Category | Requirement | Penalty for Non-Compliance |
|---|---|---|
| Real Estate Agents | Must register with LASRERA and hold a valid practising licence | Fine up to ₦5 million or 2 years imprisonment |
| Property Developers | Must register with LASRERA before marketing any development | Fine up to ₦10 million and project suspension |
| Property Management Companies | Must be registered and licensed | Fine up to ₦5 million |
| Real Estate Transactions | Transactions above ₦5 million must be registered with LASRERA | Transaction may be void; parties liable to fines |
Why This Matters for Buyers
Working with an unregistered agent in Lagos is not just a bad idea — it is now a legal risk. If a transaction goes wrong and the agent is not LASRERA-registered, you have limited legal recourse. LASRERA provides a dispute resolution mechanism for transactions that went through registered practitioners. Unregistered agents are outside that framework entirely.
Beyond the legal angle, registered agents are accountable. They can be reported to LASRERA, they can lose their licence, they have reputational stakes. An unregistered agent operating from a WhatsApp display name has none of that.
How to Verify a LASRERA Registration
Every LASRERA-registered agent and company receives a registration certificate with a unique licence number. You can verify registration on the LASRERA portal or by requesting the certificate directly from the agent. If they cannot produce it, they are not registered.
All agents listed on Nigeria MLS Properties display their Real Estate Licence Number on their profile. This is either their LASRERA number (for Lagos-based agents) or the equivalent regulatory body registration for other states.
LASRERA and Tenants
LASRERA doesn’t just affect buyers — it has direct implications for tenants. The Lagos State Tenancy Law already limited the advance rent a landlord can demand to one year for residential properties. LASRERA reinforces this and gives tenants a body to complain to when landlords or agents try to collect two or three years upfront.
If you are paying more than one year’s rent in advance in Lagos, the agent or landlord asking for it is operating outside the law. You have the right to report this to LASRERA.
What Happens If You Transact with an Unregistered Agent?
- The transaction may be legally challengeable
- You have no recourse through LASRERA’s dispute mechanism
- The agent has no accountability beyond whatever they personally choose to honour
- If the agent disappears with your deposit, you are left with a civil lawsuit against a potentially untraceable individual
Frequently Asked Questions
Does LASRERA apply outside Lagos?
LASRERA is a Lagos State law and only applies within Lagos. Other states have their own regulatory frameworks, though most are less developed. Abuja transactions fall under the FCT Administration. Rivers State has its own regulations. When transacting outside Lagos, ask what regulatory body the agent is registered with and verify independently.
What is the agent commission rate under LASRERA?
LASRERA guidelines specify a standard agency commission of 5% of the total transaction value for property sales, and 10% of annual rent for letting transactions. These are guidelines, not hard caps, but they give you a benchmark to negotiate from. Agents charging significantly above these rates should be able to justify the premium.
Can a developer sell directly without a LASRERA licence?
No. Developers must register with LASRERA before marketing any development in Lagos. This includes off-plan sales, pre-construction deposits, and estate development. If you are buying off-plan in Lagos, ask to see the developer’s LASRERA registration certificate before paying any deposit.
What does the LASRERA dispute resolution process look like?
LASRERA operates a complaints and dispute resolution unit. You can file a complaint against a registered practitioner, and LASRERA will investigate, mediate, and where warranted, sanction the practitioner. This is meaningfully faster and cheaper than going to court, and is only available for transactions involving registered practitioners — another reason to insist on LASRERA registration upfront.
Find a LASRERA-Registered Agent on Nigeria MLS
Every agent on Nigeria MLS Properties has been vetted and their licence number is publicly displayed. You know exactly who you are dealing with before you pick up the phone.
Browse verified, LASRERA-registered agents on Nigeria MLS Properties.