When two or more persons or entities own real estate (normally as tenants in common), one or more may wish to retain the property and another may wish to sell the property.
In these circumstances, the Conveyancing Act 1919 provides a mechanism by which trustees can be appointed to sell the property.
The trustees’ costs are normally paid for from the sale proceeds of the property (together with other sale costs).
Of course, negotiations can be entered into for one or other of the owners to buy out the share of another owner(s).
The Supreme Court of NSW deals with applications to appoint trustees to sell property in these circumstances.
For further information or to discuss your legal position, please contact us on 1800 180 500 or emailreception@mcauleylawyers.com.au
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