Sanwo-Olu warns agents, landlords against tenancy agreement fee above 10%

The Lagos government has warned real estate agents and landlords against collecting tenancy agreement fees higher than the legally stipulated 10 per cent of yearly rent from prospective tenants.
Special adviser to Governor Babajide Sanwo-Olu on housing, Barakat Odunuga-Bakare, gave the warning during a press briefing at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
Ms Odunuga-Bakare, who stated that the act violates the state’s tenancy law, which caps tenancy agreement fees at 10 per cent, urged residents to report such instances to the state government.
Mrs Odunuga-Bakare said, “We have been overwhelmed by reports of the activities of these unscrupulous elements making life hard for Lagosians with agreements and commissions that are like asking for an arm and a leg.
“We are calling on members of the public not to keep silent but to report such agents and landlords to us, for the government cannot be everywhere, every time.”
She stated that the state government has met with associations of real estate agents to address the excessive imposition, reminding them that the stipulated minimum remains 10 per cent of the annual rent.
Ms Odunuga-Bakare explained that the agents “have assured us that the people who are engaging in such practices are not registered agents that identify with their associations”.
“These illegal activities are often perpetrated by unregistered individuals operating outside the purview of established professional bodies,” said Mr Sanwo-Olu’s aide.
This warning followed housing commissioner Moruf Akinderu-Fatai’s disclosure that the Lagos government would soon implement the monthly and quarterly rent options for residents.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Africa
Anti-Terrorism: U.S AFRICOM, Morocco to establish tech-driven training, experimentation centre in Africa
Mr Anderson said the centre would increase readiness and advance capabilities of both nations.

Sport
Argentina stun England to set up World Cup final clash with Spain
Spain defeated France 2-0 at the Dallas Stadium on Tuesday to qualify for the final.

NationWide
FG enhances international recognition of Nigerian passports
Mr Akinlabi said the milestone was achieved on July 13.

Heading 3
FG, states, LGs shared N2.550 trillion June revenue: FAAC
Mr Mokwa said the revenue was shared at the July meeting of the committee.

Heading 2
14-year-old boy charged with terror offences targeting London mosques
The boy was arrested on 9 July on suspicion of criminal damage to a vehicle.

States
Delta content creator arrested after alleged rape victim dies by suicide
According to the victim, Mr Ogbonna initially demanded sex in exchange for financial help.





