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Real Estate Assurance Fund

The Saskatchewan Real Estate Commissions is charged with the responsibility to administer the Real Estate Assurance Fund (REAF). The purpose of the REAF is to protect persons for a deficiency in money held in trust by a brokerage on behalf of a person in connection with a trade in real estate.

In accordance with the amounts set out in the regulations, the Commission may make payment out of the fund to or for the benefit of a claimant where:

there is a deficiency in the money held in trust by the brokerage in connection with a trade;

the claimant has submitted a claim for that deficiency to the brokerage within two years of depositing with the brokerage the money that is the subject of the claim;

the claim mentioned in clause (b) remains unpaid:

(i)	in the case of an undisputed claim, 60 days after the brokerage receives notice of the claim; or
(ii)	in the case of a disputed claim, 60 days after the claimant obtains judgment with respect to the claim;

the claim arises out of a trade that occurred no more than 90 days after the date on which the registration of the brokerage against which the claim is made is cancelled;

the notice of claim is received by the Commission before the maximum amount payable with respect to that brokerage has been disbursed; and

the notice of claim is received by the Commission no more than 60 days after the expiration of the appropriate time period mentioned in clause (c).

The maximum amount that the Commission may pay out of the fund to any one claimant with respect to a claim against a brokerage is $25,000 or to all claimants with respect to all claims against a brokerage is $50,000. Where the aggregate of all claims against the brokerage exceeds $50,000, the Commission shall pay the claims on a pro rata basis.

The applicable sections of legislation are Sections 47 - 51 inclusive of The Real Estate Act and Sections 11 - 13 inclusive of The Real Estate Regulations.