What is the trustee appointed over?
Section 66G of the Conveyancing Act allows the Court to appoint trustees for sale over real estate (property) where the co-owners of the property are in dispute.
How do you make an application?
The Court will consider the appointment of trustees following an application by one of the co-owners. The application sets out the nature of the dispute with the other co-owner(s), seeks the appointment of trustees to control the sale of the property and orders for the distribution of the surplus. The application must also include the proposed trusteess consent to act and an affidavit of good character of the proposed trustees.
Who does the property vest in?
The property vests in the trustees and the trustees can effectively take steps to market and sell the property once an order is made.
What happens to the sale proceeds?
Any secured debt and the costs of sale are deducted from the sale proceeds. The remaining funds are held on trust to be distributed by the trustees to the co-owners.
When is the procedure used?
The procedure is often used in bankruptcy proceedings, family law disputes and general property disputes.