Section 66G of the Conveyancing Act 1919 (NSW) establishes a formal process of appointment of trustees for the sale of a property in circumstances where co-owners are in an irreconcilable dispute.
The commencement or threat of section 66G proceedings are often pivotal to ending disputes between co-owners of real estate. Co-owners could agree to sell, or one co-owner could agree to acquire the interest of the other.
In section 66G matters where we have consented to act as trustees, in the absence of commercial resolution, section 66G Orders are made by the Court.
People purchase or inherit residential or commercial property together for a variety of reasons. If one co-owner wishes to sell or divest their interest while the other co-owner does not want to sell, or is unwilling or unable to buyout the co-owner, disputes arise.
If there is a dispute, section 66G can be of great assistance.
David Levi is a registered liquidator and often acts as a trustee in section 66G matters.
Contact David Levi on 0418 602 466 for a free chat or Zoom session.
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