Understanding the Role of a Statutory Trustee in Property Disputes
Written by Natashia Blank , Litigation & Dispute Resolution Solicitor
Disputes among co-owners often arise, leading to challenges in decision-making and property management. In such situations, the court has the power to appoint a Statutory Trustee to take control and oversee the sale of the disputed property.
The Need for a Statutory Trustee
Co-ownership of real property can become complex when disagreements surface regarding the property.?
Common scenarios involve disputes over whether to sell the property or challenges in securing sufficient funds to buy out a co-owner's interest. To facilitate the sale and ensure an equitable distribution of proceeds, a Statutory Trustee may be appointed by the Court.
What is the Appointment Process for a Statutory Trustee?
A Statutory Trustee is a person appointed by the court to manage and execute the sale of the disputed property following the filing of an application and supporting affidavit of at least one of the co-owners.
Roles and Responsibilities of a Statutory Trustee
Once appointed, the Statutory Trustee assumes the responsibility for coordinating the property sale through valuations and marketing campaigns. Their primary role is to realise the property's value and distribute the proceeds in accordance with any orders of the Court or as agreed between the parties.??
More Information
If you are involved in a dispute with your co-owner or need to liquidate your interest in a property, contact Argon Law today.
Director at Argon Law | Sunshine Coast Lawyer | Counsel You Keep
9 个月Another informative article, well done Natashia Blank
Director, GAICD
9 个月Great subject Natasha. What type of person would the Court typically appoint to such a role?