The Lagos State Government has urged small business operators and tenants to report any real estate agents who demand more than 10% of annual rent as agency or agreement fees.
This directive aims to protect entrepreneurs from unjust rental charges that inflate the cost of doing business in the state. Authorities stress that legal charges on tenancy agreements are regulated and must not exceed approved limits.
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Small business owners are encouraged to report defaulters to the Lagos State Real Estate Regulatory Authority (LASRERA) for appropriate action.
