The Property Services Compensation Fund (the Fund) was set up to assist people who find themselves out of pocket because an agent or conveyancer, in the course of carrying on the business of a licensee, has failed to account for money or other valuable property held in trust.
The Fund covers dealings with licensees under the Property, Stock and Business Agents Act 2002 and the Conveyancers Licensing Act 2003, including real estate agents, stock and station agents, business agents, on–site residential property managers, strata managing agents and conveyancers.
The Fund extends, in certain circumstances, to unlicensed conduct where there is a reasonable belief that the person was a licensed agent or conveyancer.
A ‘failure to account’ occurs in circumstances including where money has not been used as directed.
A person who has suffered a loss because of such a ‘failure to account’ may be entitled to make a claim on the Fund. Claims must be made in writing to the Director–General:
You are required to submit documents in support of your claim. Please make sure you read through the explanatory notes before you fill in the claim form. For further information, please contact a compensation claims officer on (02) 9895 0113.
Property Services Compensation Fund claim form B and notes (PDF size: 63KB)
Use this form if the claim has been caused by a failure of a licensee (or their employee or agent) to lodge a rental bond with the Rental Bond Board.
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