One of the benefits of working with a registered real estate broker or salesperson is that your deposit is protected. All registered real estate brokers and salespersons are required to participate in an insurance program that includes consumer deposit insurance. The premium for the insurance coverage, including the coverage that protects your deposit, is paid for by brokers and salespersons.
Consumer deposit insurance protects you in the event of fraud, insolvency or misappropriation of funds. The insurance provides coverage up to a maximum of $100,000 per claim and a maximum of $500,000 for all claims related to the occurrence. There is no deductible under this coverage.
Claims arising as a result of a registered broker or salesperson acting as an executor, administrator, trustee, guardian, conservator or in any other fiduciary capacity other than as a broker or salesperson are not covered under the policy.
Information related to making a claim can be found at www.reco.on.ca.
