The Abia State House of Assembly has passed the Abia Property and Tenancy Bill, introducing far-reaching reforms aimed at regulating property transactions, protecting landlords and tenants, and sanitising the activities of property agents across the state.
The bill was passed during Tuesday’s plenary after consideration by the Committee of the Whole.
The law provides for the establishment of the Abia State Property and Tenancy Regulatory Authority, which will oversee the implementation of the new law once it receives the assent of Governor Alex Otti.
Mandatory Registration Of Agents
A key provision of the legislation makes it mandatory for all property agents operating in Abia State to be registered with the regulatory authority.
The law fixes agency fees at five per cent of the total rent payable, a move expected to curb excessive charges often imposed on prospective tenants.
Governing Board
The bill provides for the inauguration of a governing board immediately after the governor assents to the law. The board will be responsible for regulating the activities of property agents, ensuring compliance with the law, enforcing professional standards, and addressing issues relating to property transactions in the state.
Penalties For Violations
The legislation prescribes stiff penalties for violations. Anyone found operating as a property agent without a valid licence will be liable to a fine ranging from N1 million to N10 million.
Any licensed or unlicensed agent who defrauds a client, whether a prospective tenant or a landlord, will, upon conviction, face between six and seven years’ imprisonment.
Speaker of the Abia State House of Assembly, Emmanuel Emeruwa, announced the passage of the bill during plenary, stating that the law would take effect upon receiving the governor’s assent.
He congratulated members of the House on the successful passage of the legislation, expressing confidence that it would strengthen the state’s property administration framework and promote transparency, accountability, and fairness in landlord-tenant relationships.
The Property and Tenancy Bill was sponsored by the Deputy Speaker, Augustine Okezie, as part of the Assembly’s efforts to provide a legal framework that protects the interests of landlords, tenants, and genuine property agents while promoting order and professionalism within the real estate sector.
THE WHISTLER reports that the passage of the bill is expected to address longstanding concerns over arbitrary agency charges, unregistered property agents, and disputes arising from tenancy agreements, while creating a more transparent and regulated property market in Abia State.
(The Whistler)