1st step: Discussion with the broker or the agency
If you feel you have been subjected to damages as part of a brokerage activity, you should discuss the issue with the broker or brokerage firm first. If you are dissatisfied with the results of this approach, you may pursue with a written notice.
2nd step : Transmission of a written notice to broker and/or firmAs a client, if you wish to present a formal claim seeking to obtain financial compensation from an OACIQ license-holding broker, you must do so via a written notice to the broker and/or firm. Remember to provide the following information:
- Your contact information (name, address, telephone, etc.);
- The name of the broker or firm targeted by the claim;
- The contact information of the building targeted by the transaction, the case being;
- A description of the fault attributed;
- A description of the damages suffered;
- Details on the amounts claimed;
- All other documents deemed relevant (e.g. brokerage contract, fact sheet, etc.).
3rd step: Investigation and analysis
Upon receipt of the written notice and relevant documents, the FARCIQ could examine the accessibility and validity of the claim. Afterwords, the Claims Department of the FARCIQ will conduct an investigation and analysis of the file in conjunction with the insured.
4th step: Decision
When the investigation and analysis have been completed, the Fonds d’assurance (FARCIQ) will contact you or your representative to inform you of its decision. This decision is made by the FARCIQ, as the insurer, together with its insured.
What is a claim?
The word “claim” has a very broad meaning in the context of insurance policy. It can be a verbal or written request, a simple allegation or any fact or consequence likely to lead to a request for financial compensation.
Which claims are covered by the Fonds d’assurance (FARCIQ) vs those covered by the OACIQ Indemnity Fund?
The roles of the Fonds d’assurance (FARCIQ) and the OACIQ are very different. So the resource to contact will depend on the type of claim you are facing.
- The FARCIQ is in charge of operating the professional liability insurance and provides protection for the holder of a licence issued by the OACIQ, in case of fault, error or omission that could be committed in the performance of its professional activities and could compensate the consumer for financial losses suffered.
- The OACIQ Indemnity Fund namely has the power to compensate consumers who have been victims of fraud, fraudulent tactics or misappropriation of funds by brokers or brokerage firms. For more information, please visit the OACIQ (Organisme d’autoréglementation du courtage immobilier du Québec) website under the Real Estate Indemnity Fund tab. Organisme d’autoréglementation du courtage immobilier du Québec.
How to check the validity of the brooker' license?
For more information on the validity of your broker’s license, please consult the OACIQ .(Organisme d’autoréglementation du courtage immobilier du Québec).
The criteria for a committed professional liability
In order to determine if the insured’s professional liability can be incurred, several criteria must be met, including:
- FAULT: A fault,error or omission was involuntarily committed by an insured; and
- DAMAGE: That a financial loss has been suffered by the Claimant; and
- CAUSAL LINK : That the financial loss was caused by the error, fault or omission (committed by ) of the insured.
Please take note that there are grounds of defence that may influence the assessment of the professional liability.
About the Syndic of the OACIQ
The role of the Syndic is to investigate any alleged violation of the Real Estate Brokerage Act and the regulations thereunder by brokers or agencies, including their administrators and officers.
Anyone who believes he or she has been wronged must first file a request with the Public Assistance Department, which will forward the file to the Syndic when necessary.
For more information about the Syndic