Regulatory Bodies in Nigerian Real Estate
The Real Estate Industry is a massive one and it’s no wonder there are quite a number of regulatory bodies for the various professions contained in the industry. The regulatory bodies in Nigerian Real Estate include but are not restricted to the following;
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The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) is the regulatory body for controlling and setting standards for real estate and valuation practice in Nigeria. The profession gained limelight in the country when, in 1969, a group of qualified Chartered (General Practice) Surveyors formed what is known as the Nigeria Institution of Estate Surveyors and Valuers (NIESV), as a non-profit voluntary professional organization to cater for the interests of the Landed profession in Nigeria,
Six years later, it was accorded Government recognition by the promulgation of the Estate Surveyors and Valuers (Registration, ETC) Decree No. 24 of 1975, now CAP III (Laws of the Federal Republic of Nigeria) 1990. By this legislation, Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) came into being as the Regulatory Body for the profession.
Nigerian Institute of Estate Surveyors and Valuers (NIESV)
This Institute is involved in various practices such as valuation of interests in land and buildings for various purposes: sale, mortgage, insurance, acquisition, probate, stocks and shares, balance sheet, taxationetc., valuation of construction projects, building maintenance management, property management and development, infrastructure and facilities management, landreform, land registration, planning and analysis, construction/ project management, property inventory and audit and many more.
Real Estate Developers’ Association of Nigeria (REDAN)
This is the principal agency of the organized private sector recognized by government and approved by the Federal Mortgage Bank of Nigeria (FMBN) – the apex mortgage lender in Nigeria – to facilitate the delivery of affordable mass housing for Nigerians. Since its formation about a decade ago, the Association has gained increased credibility and prestige. REDAN also seeks to achieve positive relations with all stakeholders connected with the housing industry including organizations, producers, providers, financiers, and landowners. The Association also strives to play an active role in the promotion of research for the development of building materials and systems, as well as standard setting for the industry.
Nigerian Institute of Town Planners (NITP)
The NITP is Nigeria’s leading planning body for spatial, sustainable, integrative and inclusive planning. The NITP exists to advance the science and art of planning for the benefit of the public. Planners develop long- and short-term plans to use land for the growth and revitalization of urban, suburban, and rural communities, while helping local officials make decisions concerning social, economic, and environmental problems. Because local governments employ the majority of urban and regional planners, they often are referred to as community, regional, or city planners.
Estate, Rent and Commission Agents Association of Nigeria (ERCAAN)
The Estate, Rent and Commission profession has been described as a noble one that has now formed an important aspect of the nation’s economy, considering the role of housing in any given country. This association is tasked with the need to educate, inform and train members on the ethics of the profession of agents and understand the best approach to landlords and tenants
Lagos State Real Estate Transaction Department
This is an agency created by the Lagos State Government under the jurisdiction of Ministry of Housing for the purpose of regulating the activities of estate agents within the State. The reason is to curb the numerous complaints people make against estate agents who collect money and disappear without providing accommodation or whatever services they have been paid to render.
The agency therefore keeps a register of agents and offers them licenses to show they are certified to practise. People are therefore advised to use these government accredited agents when employing the services of an estate agent.
These and many more bodies, associations or agencies regulate the numerous activities within the Real Estate Industry!
Source :Posted by: Godwin Elsiein Estate Technology, Real Estate TrainingMarch 18, 2014 @ nigeriarealestatehub.com
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