Real Estate Act

Part 4 - Real Estate Assurance Fund

Section 60.3 - Payment from Fund in Respect of Claims
60.3(1)

A person may apply to the Council for compensation from the Fund in respect of a claim against an industry member of a class provided for in the regulations for losses or damages caused where an industry member fails to disburse or account for money held in trust in accordance with section 25 in respect of a transaction in the business of the industry member.

(2)

An application under subsection (1) must be made within one year from the date on which the alleged loss or damages occurred.

(3) In addition to the application referred to in subsection (1), the applicant shall provide the Council with the following:
  (a) a statutory declaration that contains
    (i) particulars of the basis of the claim, and
    (ii) a statement that the applicant did not participate in and was not wilfully blind to the actions of the industry member in respect of which the claim is made;
  (b) any other information and documents prescribed by the regulations.
(4) If in the opinion of the Council the claim is based on a failure by the industry member to disburse or account for money held in trust in accordance with section 25 in respect of a transaction in the business of the industry member, the Council shall pay to the applicant the amount of compensation determined in accordance with the regulations.
(5) The decision of the Council in respect of compensation under this section is final.
 

2007 c39 s37

 

Continue with Part 4 Section 61 - Subrogation of Rights

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