Answer by Neha Sharma, Hillsdale 2036 NSW

• This will really depend on whether the loss that you have suffered was caused by the real estate agent or not. You should always speak to a specialist lawyer and get advice specific to your individual matter.
• Allegations of professional negligence against a real estate agent can range from claiming that they acted deceptively right through to providing incorrect information and conducting themselves unprofessionally.
• In New South Wales real estate agents are regulated under the Property, Stock and Business Agents Act 2002 (NSW). There is other similar law in place in other states and territories of Australia.
• If the loss that you suffered is solely as a result of your real estate agent losing your documents then you have two options available to you.
• Firstly section 173 of the Property, Stock and Business Agents Act 2002 (NSW) states that a compensation fund is maintained for the purpose of compensating persons who suffer pecuniary (financial) loss because of an agent’s failure to account. You must make a claim against the Compensation Fund within 12 months from the date you became aware of your agent’s negligence. You must make the claim in writing to the Director-General. Your lawyer should be able to guide you through the process and submit any necessary documents within the time limits.
• Alternatively you may wish to sue the real estate agent in professional negligence in a court. Your real estate agent will have professional indemnity insurance out of which any successful claim for negligence will be paid. Whether or not you have a strong case against your agent depends on a number of things. You should speak to a negligence lawyer about the specific facts of your situation to evaluate whether your claim is likely to be successful.