Claim Fund - bad dealings with REAs

Just noted that " a Claim Fund exists which, in some cases, enables a buyer who suffers financial loss as a result of dealing with a real estate agent to make a claim. Strict guidelines apply." Anyone had experience with this or know of someone else. And what type of situation?
Frizzle
 
Just noted that " a Claim Fund exists which, in some cases, enables a buyer who suffers financial loss as a result of dealing with a real estate agent to make a claim. Strict guidelines apply." Anyone had experience with this or know of someone else. And what type of situation?
Frizzle

Hi Frizzle,

Most of these "Claim Funds" are administered by the Dept. of Fair Trading in each state and they are tightly administered.

If you are in Qld, then the relevant info for you is: http://www.fairtrading.qld.gov.au/claim-fund-property-agents.htm

This specifies the type and amount of any claim you wish to make.

Outside of this, depending on your loss, there are other remedies available to you.
 
Typical situations these funds payout are when misappropriation of funds has occured leaving another party out of pocket. An example of this would be the REA failing to deposit your deposit into the trust account and losing it at the casino instead. Another case would be if your PM did the same with a tenants bond.

In general something has to go very wrong for these funds to payout from what i have seen.
 
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