Council of Lands frown at excessive Agent fees

The Council on Housing, Land and Urban Development has said agency fees being charged across board by professionals and agents for the rent of properties shall not exceed a maximum fee to be paid by the person who employs the professional or the agent subject to what each state legislates.

The council at its 10th annual meeting held in Lagos between the 18th and 20th of October, directed all states of the federation to enable legislation that will end the exploitative practice which goes against the interest of tenants especially collecting advance rent payment from tenants in excess of one year upfront.

The council made up of the federal government, 36 states of the federal government and the Federal Capital Development Authority (FCDA) under the chairmanship of the Minister of Works and Housing, Mr. Babatunde Fashola,
specific terms, directed all states of the federation to enable legislation to end the exploitative practice of collecting advance rent payment from tenants in excess of one year upfront.

It also directed all landlords and property owners “to adopt a maximum of one-year advance rent payment or less as against the yearly upfront payment with respect to middle- and working-class residential houses to reduce the burden on tenants and improve housing accessibility and affordability for Nigerians.”

Source: African Housing News

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