AGENTS ARE ENTITLED TO 10% COMMISSION OF TOTAL RENT COLLECTED IN LEASES AND TENANCIES
Gone are the days when property owners give agents "something" or just any amount they like after letting out their property to tenants. By virtue of Section 32(2)(a) of the newly passed Lagos State Real Estate Regulatory Authority (LASRERA) Law, the fees payable to the agent by the property owner has been legally recognised.
The Law mandates clients of all duly registered agents to pay 10% commission of the TOTAL RENT collected in the transaction to the agent. Thus, if the lease is for 10 years for example, the commission payable is not 10% of the first year's rent, but 10% of the total amount collected in the transaction.
This provision only covers agents that have registered with LASRERA and obtained a practicing permit.
To learn more about recent Federal and state laws relating to Real Estate as well as documents in Real Estate, join us at the PROPERTY DOCUMENTATION AND LEGISLATION (LAWS) MASTERCLASS on Tue., April 05, 2022 by 12 Noon. Details here: https://wa.me/p/5014739708572743/2348138344488
Please share widely among family, friends, colleagues and associates. Thank you.
Ayobayo Babade Esq., ACIArb (UK), FIMC
Chief Legal Adviser & Head of Operations,
Tope Babade & Co (Real Estate Consultants)
E-Property Catalogue: https://wa.me/c/2348138344488
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