Statutory Trustee for Sale
Our dedicated team of property lawyers regularly assist other lawyers and their clients by acting as court-appointed statutory trustees for sale.
Led by Simon LaBlack, 1 of only 29 accredited property law specialists in Queensland, we live and breathe real property, and have an immense amount of experience dealing with real estate agents, sellers, financiers and buyers.
We use this experience to deliver a full statutory trustee service in one efficient, nimble and flexible team, completing all matters relating to the sale of a disputed property, including:
providing advice on proposed orders being sought in the application to ensure that the orders (which if made become the terms of trust) will allow for the intended outcomes;
assisting with the application by providing the requisite affidavit and supporting material;
handling all matters related to the appointment from appointment to completion, such as:
registering the vesting of the property;
obtaining exemption from transfer duty;
obtaining vacant possession from uncooperative occupiers;
dealing with any tenants;
preparing the property for sale including cleaning, repairs, maintenance etc.;
deciding on marketing strategies;
engaging real estate agents;
maintaining the property;
drafting a suitable sale contract, including protective special conditions to reflect the particular circumstances;
preparing, filing and running any necessary interlocutory applications;
attending settlement; and
disbursing funds in accordance with the court-ordered statutory trust terms;
bringing our accredited specialist property law advice and experience to deal with all matters that may arise throughout our appointment, such as additional disputes between the co-owners, disputes regarding body corporates and neighbours, contested interlocutory applications and matters of interpretation of the court-ordered statutory trust terms; and
consulting with the parties as required by the Property Law Act 1974, in a way that recognises the emotion and personal difficulties that can be involved in these matters, while continuing to progress the sale to its completion for the benefit of all parties.
REMEMBER: ORDERS MADE = TERMS OF STATUTORY TRUST
The orders that are made in your Section 38 Property Law Act Application become the terms of the statutory trust under which your nominated trustee must sell the property.
It is critical therefore that, in any Section 38 Property Law Act Application, you ensure that the orders being sought carefully and strategically set out the terms of the statutory trust and:
give the trustees the freedom and power they need to efficiently and effectively sell the property;
balance the rights of the co-owners by providing for a distribution that takes into account the apportionment of legal costs, maintenance costs, sale costs, payments against debts owing and other financial items that need to be dealt with between the parties;
protect your client by ensuring that the terms of the statutory trust achieve your client’s desired outcomes;
contain in-built flexibility, within delegated controls, so as to permit the trustees to complete their duties without having to return to Court for any minor change of circumstances that arises during the matter.
If the terms of the statutory trust are not sufficiently robust, your clients may be subject to unnecessary complexity and cost (or worse - with trustees who are hamstrung altogether with no power of sale) - leaving the trustees to seek the Court’s consent to vary the unhelpful terms of the statutory trust at a later stage.
Choose an experienced court-appointed statutory trustee and engage with them as you prepare your application so that you can ensure you get the terms of the statutory trust right from the beginning - contact us below!
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Important Disclaimer: The material contained in this publication is of a general nature only and is based on the law as at the date of publication. It is not, nor is it intended to be, legal advice. If you wish to take any action based on the content of this publication, we recommend that you seek professional advice.