Real Estate Act

Part 4 - Real Estate Assurance Fund

Section 60.2 - Payment from Fund

No payment from the Fund shall be made under section 60 unless an application in writing for compensation from the Fund is received by the Council within one year from the date on which a judgment referred to in section 60 becomes final.


In addition to the application referred to in subsection (1), an applicant shall provide the Council with the following:

  (a) the judgment with respect to which the application is made;
  (b) the statement of claim or other document that initiated the action to which the judgment relates;
  (c) evidence satisfactory to the Council that the judgment has become final;
  (d) an irrevocable assignment of all or part of the judgment from the applicant to the Council, in a form acceptable to the Council;
  (d.1) if the judgment is not based on a finding of fraud or breach of trust in respect of a transaction in the business of the industry member, a statutory declaration that contains the particulars of the basis of the claim;
  (e) a statutory declaration stating that the applicant did not participate in and was not wilfully blind to the fraud or breach of trust of the industry member that gave rise to the judgment against the industry member;
  (f) any other information and documents prescribed by the regulations.
(3) If the applicant is a body corporate, the statutory declaration under subsection (2)(e) must be made by an officer of the body corporate authorized to make it.

2005 c17 s3;2007 c39 s36


Continue with Part 4 Section 60.3 - Payment from Fund in Respect of Claims

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