Protection in case of real estate fraud, dishonest transaction or misappropriation of funds
The Fonds d’indemnisation du courtage immobilier only covers real estate transactions that are realized through the intermediary of a real estate broker or agent. The maximum compensation paid by the Fund is $15,000 for each transaction for which a claim is made.
By law, all real estate brokers and agents must hold a certificate issued by the ACAIQ. Real estate brokers and agents must be members of the ACAIQ. Otherwise, the intermediary who receives any compensation for real estate brokerage services commits an illegal action and you will not be entitled to any recourse with the Fund should problems arise.
We recommend ensuring that your real estate broker or agent actually does hold a valid certificate. To do this, you may consult the membership register of the ACAIQ, or contact the ACAIQ at (450) 676-4800 or 1 800 440-5110. This register contains the professional information of all real estate brokers and agents who practice in Québec.
Real estate brokers and agents must comply with various regulations that aim to protect the public. Although the actions described hereafter seldom occur, they can result in compensation.
The Fund can assist you if you have been financially wronged. For example, if you were voluntarily misled by your real estate agent or broker in the course of a real estate transaction, whether by misrepresentation or by omission.
The Fund can also indemnify you should you be able to demonstrate that your real estate broker or agent acted dishonestly, resulting in a partial or total loss of the sums invested in the course of a real estate transaction.
You can benefit from the protection provided by the Fund if you are unable to recover the sums entrusted to a real estate broker or agent, which should have been deposited in a trust account.
Some reprehensible actions may not necessarily constitute a real estate fraud, a dishonest transaction or a misappropriation of funds. We suggest that you contact the ACAIQ to find out what other recourses may be available.
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