By Natashia Blank, Litigation & Dispute Resolution Solicitor at Argon Law
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.
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.
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 affadavit of at least one of the co-owners.
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.
If you are involved in a dispute with your co-owner or need to liquidate your interest in a property, contact Argon Law today.
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