Estate Agents Extortion: Osun State Estate Agency Regulatory Bill Scales 3rd Reading
On reduction of challenges faced when hunting for accommodation, particularly extortion by estate agents, the Osun State Estate Agency Regulatory Bill has scaled through the 3rd Reading , the bill once passed into law will address the agitation of Osun people towards the excesses of some Estate Agents in the state.
The Osun State House of Assembly in its role of committment to serving the good people of osun with quality legislation as well as enacting laws that will have a positive impact on the wellbeing and welfare of the citizens of the state, is expediting the passage of the bill.
Part of the clauses in the bill are as follows:
I. A license Estate agent shall not carry on Business of Estate Agent in the state except is licensed by the Osun state Estate Agency and Regulatory Authority ;
II. A licensed Estate agent shall have an ascertained business premises/office within the state ;
III. A 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;
IV. A licensed Estate agent shall ensure that the prospective tenant or purchaser takes physically possession of the property paid for within ten (10) working days ;
V. Agency fee(s) shall be 10% of the total rent collected on any transaction;
VI. Sales or purchase of land and buildings where two or more agents are retained by the owner/vendor for the sale, the fee shall be the 15% of the total proceeds of sale.
VII. A licensed Estate agent shall not prepare any legal document pertaining to any transaction handled by him; every tenancy agreement must be prepared by a Legal Practictioner and the fees shall not be more than 10% of the total consideration;
VIII. A licensed Estate agent shall refund the rent paid by any prospective tenant in case of failure to deliver up physical possession of the premises within 14 days of collection and any delay in refunding beyond the stipulated time shall attract interest at the prevailing Bank rate ;
IX. Any Estate agent whether an individual or a body corporate who contravenes or fails to comply with the provision of the bill shall commit an offense and be liable on conviction .
X. The fines varies with the offense committed ranging from 10,000 to 200,000 or 3 months imprisonment.
The Osun State House of Assembly will not relent in its obligation and commitment to quality legislation that will address all pressing issues in all sectors.
God bless state assembly for this development.