If a buyer claims against the Recovery Fund, how long do they have to file?

In Arizona, a buyer has a period of 5 years to file a claim against the Recovery Fund after the occurrence of the event that gave rise to the claim. The Recovery Fund is designed to protect consumers from losses suffered due to the actions of a licensed real estate agent or broker. This time frame is set to ensure that consumers have ample opportunity to seek restitution for damages resulting from fraud, misrepresentation, or other misconduct related to real estate transactions.

The 5-year period allows buyers to investigate the circumstances surrounding their claim, gather necessary documentation, and take appropriate legal steps in their pursuit of compensation. It's important for buyers to be aware of this timeframe so they do not miss the opportunity to recover funds they may be entitled to if they experienced financial harm due to a licensee's illegal actions. This policy reflects a balance between providing a sufficient window for claims while also maintaining the viability and sustainability of the Recovery Fund.