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Legal Tip 70: Two owners of a property - one wants to sell the other doesn't

Discussion in 'Legal Issues' started by Terry_w, 27th Aug, 2015.

  1. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    18th Jun, 2015
    Southern Highlands NSW
    What happens when two people (or more ) people own a property together and one wants to sell and the other doesn't? One cannot enter into a contract to sell if the other doesn't agree. Mortgage cannot be discharged either and the transfer will need to be signed by all owners.

    The first step would be to seek legal advice and to try to negotiate. if this fails then the only option may be to apply to the Supreme court to have a trustee appointed and this will allow the trustee to sell and sign the relevant documents. Once sold the trustee will take their hefty fees out (prob at least $10k) and the rest will be divided up between the owners. Mortgagees will still be paid first.

    There would also be hefty fees involved in bring the matter to court.
    HUGH72 likes this.