The Real Estate Indemnity Fund offers free protection to consumers who deal with a broker or agency and who are victims of fraud, fraudulent tactics, or misappropriation of funds in the course of a transaction. The maximum amount of indemnity that can be paid is $100,000. If the facts occurred before May 10, 2018, the maximum amount of indemnity that can be paid is $35,000. Any claim must be filed within two years following knowledge of the alleged act.
FARCIQ offers protection in case of unintentional fault, error or omission committed by policyholders, broker or agency, in the course of their professional activities. For one’s professional liability to be at stake, the following criteria must be met:
- FAULT: an unintentional fault, error or omission was committed by an insured;
- DAMAGE: a financial loss was sustained by the claimant; and
- CAUSAL LINK: the financial loss was caused by the insured’s fault, error or omission.
Note that there are, however, various factors including defences that may influence the professional liability assessment. In addition, professional liability and ethics are quite distinct. Therefore, violating ethical rules does not necessarily result in monetary compensation. Please visit FARCIQ’s website at farciq.com.
You must prove the amounts you are claiming by attaching supporting documents such as schedules, documents describing the building, bids or estimates, invoices, e-mail exchanges, etc. Be sure to keep the originals of these supporting documents.
SECTION I - IDENTIFICATION OF CLAIMANT(S)
SECTION II - IDENTIFICATION OF LICENCE HOLDER(S) (BROKER(S) OR AGENCY(IES)) CONCERNED BY YOUR CLAIM
Add a person
Licence holder #1
SECTION III - IDENTIFICATION OF BROKER(S) CONCERNED BY YOUR CLAIM
Total amount claimed ($)
SECTION IV - STEPS TAKEN REGARDING YOUR CLAIM
SECTION V – CLAIM TO THE REAL ESTATE INDEMNITY FUND (FICI)
SECTION VI – CLAIM TO THE FONDS D'ASSURANCE RESPONSABILITÉ PROFESSIONNELLE DU COURTAGE IMMOBILIER DU QUÉBEC (FARCIQ)
SECTION VII – DECLARATIONS
I certify that the information contained in this Annex - Claim is complete and accurate. I undertake to fully cooperate with the OACIQ staff by providing, if applicable, additional information or documents that may be required.
I understand that my claim and all the documents provided may be forwarded to the Fonds d'assurance responsabilité professionnelle du courtage immobilier du Québec (FARCIQ) and to the Real Estate Indemnity Fund (FICI) if the situation so requires.
I understand that my claim does not have the effect of interrupting the legal period within which I am required to institute legal proceedings and assert my rights before civil courts. This limitation period is usually three years.
I understand that the OACIQ does not provide legal advice. The OACIQ suggests that I seek the help of a legal counsel who will be able to inform me about my rights and remedies.