Deadlocked Property? Statutory Trustee for Sale
One option often overlooked in disputes between co-owners of real property is the appointment of a statutory trustee for sale.
It usually comes up where parties jointly own property, the relationship has broken down, one party wants to sell and the other does not, and there is no realistic path to agreement.
In those situations, the Court can appoint a statutory trustee to take control of the property and sell it.
Once appointed, the trustee effectively steps into the shoes of the owners for the purpose of the sale. The trustee will generally take control of the property, deal with agents, arrange the sale process, complete the transaction and deal with the sale proceeds in accordance with the Court orders.
The appointment takes the decision out of the hands of the owners and places it with an independent party. In deadlocked matters, that is often what is needed.
