Mr. Sam Eboigbe, President of the Faculty of The Estate and Marketing Agency of the Nigerian Institution of Real Estate Investigations and Values (NIESV), said that there must be a basis for charging brokerage fees and contracts; Otherwise, it would be a human scam. He noted that charlataning activities on some sites also cause high fees that stipulate that these individuals are only turned off to take advantage of any real estate activity and that they do not care about the need to collect certain fees. For NieSV members, we cannot charge more than 10%. If you have a store that goes for N120, 000, you don`t need to charge more than 10 percent, the legal fee should be 10%. The 2011 Rent Act states: “It is illegal for a landlord or his enforcement agent to be required or received from a new tenant rent or rent for one (1) year for all premises … Anyone who receives rent that goes beyond what is prescribed in this section is guilty of a criminal offence and, in the event of a fine of one hundred thousand nairas (N100, 000.00), or three (3) months` imprisonment. Also in Ikorodu, the cost of rents ranges from 300,000 to N600,000 per year, while in ketu the cost could be as high as 270,000 to 600,000 depending on size, location. This is outside the agency and the agree committee. For example, while real estate and mandated rental intermediaries do not have a fee schedule to perform what they charge per transaction, professionals cannot collect more than 10 percent of the total rent paid by the tenant. Renting an apartment is a legal procedure that requires a contract, so that this fee is paid for the services of the lawyer. The real estate lawyer`s job is to develop a rental agreement and ensure that each party`s interests are well protected. We deal with the details of this lease in another article.
But in the meantime, remember that this contract is crucial for your happiness even later in this apartment. If you ever put your hands on that agent. Please use military personnel to treat it. I had a similar problem when I got another delay, but the agent paid almost double what he recovered from me after dealing with soldiers. The plight of Abike and Alice is synonymous with the fact that unhappy tenants live almost every day in the hands of Shylock`s owners and their dodgy real estate agents in Lagos and other Nigerian cities. Although the State of Lagos, in an attempt to limit these excesses, is adopting a new rental right, Vanguard Homes – Property has found that the law is more observed in violation than compliance. An agent earns his fees through a commission, but it is a free trade negotiation. It is not written anywhere in Nigeria`s Constitution or any law that should be agency fees. The broker should also prove that the owner authorized him to sell or rent the house. Before hiring it for the first lease negotiate, is a negotiable tax, not fixed. The bank pays 0.5% to the agent. What to do if you know your right, but the owner and agent refuse to identify your right This is the tax you pay to show the real estate agent that your intentions are pure and noble.
It is also a fixed tax and pays for the transportation price of the real estate agent from one potential apartment to another. If you think data is expensive, you haven`t met any agent who doesn`t read customer descriptions.