The spokesman, represented by his deputy Olakunle Oluomo, said that the public hearing was aimed at drawing on the views and opinions of the relevant stakeholders to have all the relevant legislation that would contribute to the promotion of all sectors of the public economy. In some parts of Lagos, landlords require and accept more than one year`s rent from new tenants, although national law clearly prohibits landlords from requiring such tenants to offer the same. The land or house for rent must be described in detail; shows its location and basic functions. The length of the lease, the rent to be paid and the date on which the rent is due must be indicated. This right gives the owner authority over the property, although it must be clearly stated from the outset. According to Mr. Ahmad, the amount to be paid is necessary because it provides the lease with the necessary legal support and makes it legally binding on all parties involved. It is also a way to generate more revenue for the government. Ahmad said the directive complied with the Stamp Duty Act.
He explained that real estate transactions, such as the lease or lease, fall under the Ad Valorem category of stamp duty, which accounts for 6% of the supervision of writing. This percentage is payable for the total value or sum of the lease or lease. Remember that a written agreement, confirmed by the landlord in front of a witness, that he received rent from his tenant, will be sufficient. Whatever the family, kindness, corporatization and caring of your landlord, please always ask for receipts of your rents paid to secure your morning. With respect to the right to rent, spokesman Adekunbi said that the bill was intended to ensure that adequate measures were taken to fill the gap in landlords` and tenants` obligations by adopting the Alternative Dispute Settlement (ADR) method to relieve traditional courts of the burden of leased buildings. Section 7 of the Act stipulates that tenants must comply with the rental agreement, which involves the one-time payment of their rent, in order to avoid problems, that they behave in the right way, that they must obtain the owner`s consent before repairing the structural damage caused to part of the building, subletting and transformations. A rental agreement is an agreement between a landlord (the owner of the property) and the tenant (the person who acquires the property for rent) and who sets the terms of the contract such as rent, use of the property, agreements between the two parties, termination conditions, etc. Other applicable laws include Registered Land Law, Land Registration Law, Capital Gains Tax Act and rental law in different states in Nigeria. The director of firS for communication and Liason ministry, Abdullahi Ahmad, told the Nigeria news agency that the tax applies to all leases and leases entered into by owners and brokers regarding a property. As mentioned above, there are a number of circumstances in which a lease can be terminated, but the above only covers a few important cases that you should be aware of. They are only required to compensate a tenant if the repair is covered by their original agreement.