Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson – Awoyinka on Thursday urged property lawyers to do more in the real estate sector.
She urged them to take charge of activities in the sector to protect the interest of all parties in any transaction.
Benson- Awoyinka gave the charge at a one -day stakeholders forum organised by the Lagos State Real Estate Regulatory Authority (LASRERA).
The forum was organised in conjunction with the Construction Projects and Infrastructural Committee of the Nigeria Bar Association, Sector of Business Law (NBA-SBL), in Lagos.
She said real estate lawyers in practice, must be active in the sector to curb arbitrariness and cases of fraud.
According to her, lawyers are major stakeholders with LASRERA and must be involved in the state government’s proposed Monthly Rental Policy Scheme.
“It is no doubt that lawyers are essential in real estate transactions, as experience and records have shown that most fraudulent real estate transactions do not have a lawyer engaged as an integral part of every transaction from conception to closing.
“The role of property lawyers is to protect the interest of all parties in any real estate transaction, as legal professionals.
” Real Estate transactions have relevant processes with necessary documents and requirements for the preparation of specific property business transactions in the sector.
“We are not cut and paste professionals but learned persons in our field. We have specified functions to safeguard and ensure authenticity of any legal document in this sector .
”It has become imperative for us as lawyers to be well guided by the provisions of the law so that we can give professional advice to our clients in the area of property and real estate business ,” she said.
According to her, the state government reviewed the LASRERA law to regulate and bring sanity to the real estate sector, as well as all transactions therein .
The special adviser said this is to the benefit of lawyers and their prospective clients both in Lagos State and in the diaspora.
Benson-Awoyinka explained that in real estate transactions, lawyers and real estate agents offer completely different services.
She said that the real estate agent is involved in the process of buying and selling of properties or rental services while all paper work are handled by a lawyer as prescribed by the law.
The LASRERA boss noted that in other developed countries, licensed real estate lawyers draft and vet documents related to real estate transactions with a view to ensuring that potential clients are not being misled while doing such transactions.
She said: “To this end, our perspectives and experiences as learned professionals will make these deliberations and recommendations impactful while meeting international best practices in the real estate market of the Lagos State government.
Benson-Awoyinka stated that the LASRERA law signed by Gov. Sanwo-Olu was to sanitise the real estate sector.
The adviser said that Lagos was growing on daily basis and there was the need to protect lives and property of the residents.
She said LASRERA had also been empowered to regulate activities in the sector in order to increase Foreign Direct Investment (FDI), as real estate is the new crude oil.
In his remark, Mr Moyosore Onigbanjo, Attorney General /Commissioner for Justice , Lagos State, said that the LASRERA law signed by the governor in February would weed out touts that were making a lot of undeserved gain in the sector .
Onigbanjo, represented by Mrs Aderinsola Olanrewaju, Director, Legislative Drafting, Ministry of Justice, said that LASRERA, as prescribed by the law, was expected to formulate policies that would sanitise the sector.
He said it was also to maintain a register of all practitioners in the sector.
Onigbanjo noted that the authority would also receive complaints from the public, investigate, register tenancy agreement below three years, and set up proper mediation and enforceable agreements.
According to him, LASRERA, among other roles, would identify abandoned properties of over five years in the state and assist owners to develop them, to make them fit for use and not hideout for miscreants.
In a panel discussion led by Mrs Yetunde Olasope, Principal Patner, Lexworth Legal Patners, discussants unanimously agreed that the state government should, among other issues, look into resolving the case of duplication of roles between the MDA’s regulating the built sector.
A discussant, Mrs Folake Kalaro, Company Secretary/General Counsel , UPDC Plc, lauded the state government for formulating the law, and LASRERA for organising the engagement.
She said that it was very important for the regulator and the regulated to meet regularly.
Kalaro appealed to the state government not to stifle business of the operators while trying to sanitise the sector.
Also, Mrs Adetola Ayanrun, Managing Patner, Adetola Ayanrun & Co., said that the state government needed to raise the bar in terms of qualifications and certification of players in the sector.