The Lagos State Real Estate Regulatory Authority has said it will come up with a policy to protect residents seeking accommodation from fraudulent practices by real estate developers.
The Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, disclosed this in a statement on Sunday.
Benson-Awoyinka was quoted to have said this during a courtesy visit to her office by Female Lawyers in Real Estate Practice, in Alausa, Ikeja.
She said, “Some property developers are in the habit of collecting money from potential clients above the available units of property, and such individuals or organizations must be made to face the law in order to serve as a deterrent to others with similar intentions. Lagos residents should engage lawyers at every stage of real estate transactions so as not to fall victim of illegal swindlers in the sector.
“The state government is also coming up with a policy that will encourage property developers to open an Escrow bank account with financial institutions which will promote financial transparency and protection of citizens in transactions and legal practitioners are always ready to guide prospective property buyers on how to avoid some pitfalls.”
The founder of FELIREP, Peace Anomneze, said the body would create more awareness for female lawyers in real estate sector.