- To file an application, one must first complete all six sections of the
Claim Application Form :
- Identity of claimant.
- Identity of the broker or agent.
- Claim amount: the maximum settlement by the Fund is $15,000 for each real estate transaction for which a claim is made.
- Property concerned.
- Date at which you became aware of fraud or misappropriation of funds or other property: you must file your claim in the year following the date on which you became cognizant of the actions for which a claim is filed.
- Facts related to the claim: it is your responsibility to demonstrate, by listing the events, the persons involved, the witnesses and by providing all available documents, that you are entitled to indemnification by the Fund.
- Once your application claim is duly completed, signed and declared under oath or solemnly before a Commissioner of Oaths, it should then be forwarded to the Secretary of the Fund. If need be, the Fund may require that you provide additional information or documents to complete its investigation.
- Your claim and your broker’s or agent’s version of the facts are then passed on to the Fund’s Board of Directors, which will determine whether your claim is admissible and, if so, the amount of the compensation to be paid. The Board of Directors is composed of seven members, all government appointed, and abides by the strictest code of ethics and deontology, in particular to avoid any conflict of interest.
- You will then be informed of the Board’s decision, which is final and cannot be appealed.
What is the processing time?
Processing time will depend on the complexity of your claim, the evidence that needs to be collected and the level of cooperation of those involved. The Fund will keep you informed as the process unfolds.
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