Understanding the Role of a Statutory Trustee in Property Disputes

Disputes among co-owners of real estate 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 sell the disputed property.

The Need for a Statutory Trustee?

Co-ownership of real property can become complex when disagreements emerge 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. In such instances, a Statutory Trustee is a particularly useful tool because once appointed by the Court, they can take control and facilitate a timely sale irrespective of the dispute. If there is a dispute as to the distribution of the sale proceeds, it is typical for the Statutory Trustee to hold the funds on trust until the parties have reached agreement or there is an order of the Court.

Appointment Process?

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 and naming the other co-owners as a respondent to the application.??

Roles and Responsibilities of a Statutory Trustee?

Once appointed, the Statutory Trustee assumes the responsibility for coordinating the property sale which may include obtaining a property valuation and then directing a real estate agent to conduct an auction campaign. 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 urgently liquidate your interest in a property, contact Argon Law today.?