A bill seeking to regulate Real Estate Agency Practice is currently at the Osun State State House of Assembly.
The bill, sponsored by the Majority Leader of the House, Kofoworola Babajide, has been scheduled for public hearing next week.
According to the draft sighted by InsightMedia, the bill when passed into law will lead to establishment of Osun State Estate Agency Regulatory Authority.
What you need to know about the bill
The Osun State Agency Regulation Bill seeks to create Osun State Agency Regulation Authority. The authority will be in charge of registration, coordination and monitoring of real estate agency practice in the State.
The authority shall have the powers to prepare rules and regulations for the practise of Estate Agency in the State; identify persons eligible to be licensed as Estate Agents; issue and renew licences annually and maintain a register of licensed Estate Agents.
The bill also gives the power to sanction unlicensed Estate Agency practitioners in the State; organise monitoring teams and conduct inspections in order to ensure compliance with the Bill;
investigate complaints and petitions against Licensed Estate Agency practitioners and collate data on property transactions.
In section 28, the bill gives the Authority the power to identify any abandoned buildings or property that is constituting security threats to the State and notify the owner to take action on it.
The section reads, “Where it appears to the Authority that any abandoned or uncompleted building, or structure may constitute a nuisance, safety risk, environmental degradation, or a ground for perpetration of criminal activities, the Authority shall serve notice on the owner or occupier of such building or structure either personally or by posting same on the building or structure, requesting the owner or occupier to complete the construction of the building or structure or to do certain things within a period of six (6) months or any such period the Authority shall deem fit.
“Where the owner of occupier fails to complete the construction of building the or structure to do certain things within the period specified in the notice, the Authority shall serve a final notice on the owners personally or by posting same on the building or structure, granting the owner or occupier, an additional period of three (3) months to comply with the matters stated in the notice.”
Section 31 of the bill gives the Authority power to revoke subsisting right of occupancy when the owner of the abandoned building fails to work on it.
“Where after the expiration of the period stated in the final notice, the owner or occupier of an abandoned or uncompleted building or structure fails to comply with the notice, or is unable to convince the Authority, shall issue recommendations to the appropriate authority that the subsisting right of occupancy in the abandoned or uncompleted building or structure be revoked in accordance with the provisions of the Land Use Act, 1978.”
Owners of the revoked building shall be compensated in line with Land Use Act, 1978.
The bill protects prospective tenants, land purchasers and land or house owners from fraud perpetrated by agents.
Section 26(6&7) reads, “Licensed Estate Agent shall not collect money from more than one prospective tenant or purchaser in respect of the same premises and shall remit money collected to the landlord within fourteen (14) days, unless otherwise directed in writing by the landlord and such money collected shall be receipted for;
“a Licensed Estate Agent shall ensure that the prospective tenant or purchaser takes physical possession of the property paid for within ten (10) working days
”
The bill pegs agency fee at 10% for lease or rent when 15% for purchase that involves more than one agent.
House calls for memorandum on the bill as public hearing holds Tuesday
The House of Assembly has revealed that it will hold public hearing on the bill on Tuesday.
A statement by Olamide Tiamiyu, spokesperson to the Speaker said the hearing will hold on Tuesday at the Hallowed Chamber.
Tiamiyu invited the stakeholders and members of the public to attend the hearing and make their submissions.
