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Lagos State has updated its tenancy law to strengthen tenant protections and regulate landlord practices
Lagos State has updated its tenancy law to strengthen tenant protections and regulate landlord practices, new reports confirm.
Under the revised rules, landlords can no longer demand more than three months’ rent in advance from existing tenants, while tenants are prohibited from paying more than three months’ rent upfront.
Landlords are also now required to issue rent payment receipts to all tenants. Failure to provide receipts could attract a fine of ?10,000. Additionally, tenancy agreement fees must not exceed 10% of a tenant’s annual rent. Any landlord or agent charging above this limit is considered in violation of the law.
Authorities say the changes aim to ensure fairness in the rental market and curb exploitative practices by landlords. (ARISE NEW)
