Real estate agent owes me money and i need to know if i can go after the real estate board

The judge found the real estate agent guilty and he owes me money. Am I able to go after the Real Estate board for payment as he has insurance covereage. Thanks

Asked 7 months ago in Ontario
Categories: Civil Litigation Real Estate

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Answer by Vicky L Seaton

Ontario lawyer

Can you provide details about why the real estate agent was found to owe you money? Was it related to his or her actions as an agent or something separate?

Posted 7 months ago

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Comment from Ontario

It is a long story. I had believed in him and he told me Real Estate was better than stocks and suggested I buy property. I started to buy property in Muskoka and bought property around it as he suggested we could develop it. We started a Company and he had no money so I used mine. I bought machinery and went into deep debt buying the 4 properties and as time went on I couldn't pay the mortgages. He walked away from it and left me with all the debt.

Posted 7 months ago

Answer by Vicky L Seaton

Ontario lawyer

From the information you provided, it sounds as though the agent was entering into this business arrangement with you personally, and not in his capacity as an agent. If that is the case, it is unlikely that his errors and omissions insurer would cover this loss. Did the agent defend the action you brought against him? If so, did his errors and omissions insurer get involved in the action?
I would encourage you to seek formal legal advice about the collection of the debt, and would be happy to speak to you if you would like to reach me by phone.

Posted 7 months ago