Statutory Trustee for Sale
How a Statutory Trustee Helps When Property Owners Disagree
A Statutory Trustee is appointed by a court to manage and oversee the sale of property in circumstances where co-owners are unable to agree on the process or terms of sale. This commonly occurs in situations when one owner is bankrupt, or where couples are going through a divorce or separation.
The Statutory Trustee acts as an impartial third party whose powers and duties are determined by the specific court order under which they are appointed.
Generally, the Statutory Trustee handles all aspects of the sale of property which includes, but is not limited to:
- Obtaining valuations
- Engaging a real estate agent
- Marketing the property for sale
- Negotiating the sale
- Distributing the proceeds of the sale among the co-owners
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