Claim fund |
For real estate agents, auctioneers, resident letting agents and pastoral house agents
The Claim Fund was established under the provisions of the Property Agent and Motor Dealers Act 2000 (the Act). A client can make a claim against the Fund if they suffer a financial loss because of certain actions of a real estate agent, auctioneer, resident letting agent or pastoral houses or their employees.
If your client has a dispute with you, we recommend that they first try to settle their claim through your complaint resolution process. If the dispute remains unresolved, they can lodge a written claim with us.
They can make three types of claims in relation to property or land:
- a minor claim of $10 000 or less
- a major claim of more than $10 000
- a claim relating to property marketeering (they purchased a residential property as their principal place of residence at a grossly inflated price, particularly if marketeering companies were paid large commissions that were concealed as part of the price).
We decide minor claims, and refer major claims to the Queensland Civil and Administrative Tribunal for determination.
A customer can make a claim if you:
- engage in misleading or unreasonable conduct (marketeering contraventions)
- fail to deal properly with trust money
- make false representations about a property
- fail to provide written statements about the purchase of vacant land that cannot be used for residential purposes before they sign the contract
- fail to provide a written statement identifying the proposed lot being purchased
- steal, misappropriate or misapply property entrusted to you as agent for someone else, e.g. you do not forward bond monies to the Residential Tenancies Authority.
They cannot make a claim if:
- you steal, misappropriate or misapply their trust money after they give you a direction to invest the money rather than leave it in your trust account
- you do not tell them about your relationship to a professional service provider you recommend they use
- they do not make effective disclosure to a prospective buyer
- they are a licensee under the Act and suffer financial loss in the course of performing an activity, or carrying on business as a licensee
- you are a property developer.
Last reviewed 21/11/2011 |
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