A Law to amend the Lagos State Tenancy Law to cap advance rent demands on residential tenancies at six months for new tenants and three months for renewing tenants. The Law also introduces a licensing scheme for estate agents operating in the State, requiring annual registration with a State Real Estate Regulatory Authority, completion of a continuing professional development requirement, and adherence to a published code of conduct. The agency fee chargeable to a tenant or landlord is standardised at 5 percent of the annual rent.
Operating as an estate agent without a licence is an offence punishable by fine. Existing tenancies are not affected.
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