Oyo Lawmaker, Adebisi Proffers Lasting Solution to fraudulent Activities in Real Estate And House Agents

Regulating fraudulent activities in the real estate sector is crucial for protecting consumers and maintaining the integrity of the market.

Speaking on the floor of the House of Assembly, Deputy Chief Whip Oyo State House of Assembly, Hon. Yusuf Adebisi frowned at the fraudulent activities of the house agents and real estate practitioners have become a serious issue that has created health challenges to tenants.

Lending his view on the motion raised by Hon. Abiodun Babalola and other colleagues on the floor of the Assembly, saying many houses now have two to three agents without the consent of the owners, the agency fee is even higher than the usual house rent fee and a lot terminologies are used by these agents to defend their fraudulent activities.

Hon. Adebisi now advised that there should be a strict licensing requirement for real estate agents, brokers, and developers to ensure that only qualified individuals operate in the market mandate continuing sensitization to keep professionals updated on laws and practices.

Their need to promulgate laws to Strengthen consumer protection specific to real estate transactions and tenants allowing for easy reporting and resolution of fraud-related complaints.

Also, he explained further that there should be full cooperation between government agencies (e.g., real estate commissions, consumer protection agencies, law enforcement) to coordinate efforts in detecting and responding to real estate fraud and share information and best practices across jurisdictions to tackle cross the state fraud schemes.

“We need to establish or empower regulatory bodies responsible for overseeing real estate transactions and enforcing compliance with laws, conduct regular audits and inspections of real estate practices, particularly for developers and property management companies, to ensure compliance with regulations and create accessible and efficient channels for consumers to report suspected fraud and seek redress”.

Lastly Honourable Adebisi said, “there is need to maintain public databases that track real estate agents, brokers, and developers, including any history of fraud or misconduct”.