Inner Brisbane Property

Background

A former defacto couple owned an interest in a house in an inner Brisbane suburb as tenants in common (1/2 each).

They separated with one party remaining in the property and both parties continuing to equally pay the mortgage and applicable rates and water charges. Eventually it was agreed the property would be sold and the proceeds split.

Unfortunately, one of the parties changed their mind when confronted with the reality of the current Brisbane property prices for that suburb and the amount expected to be received from the sale (not sufficient to rebuy in that suburb). This dispute led to the parties ceasing to pay the mortgage and a failure to sell the property. Following several months of correspondence between lawyers, QSAS was approached to act as Statutory Trustee.

Process

QSAS agents attended the property and attempted to work with the parties to coordinate an orderly departure and securing of the property as required by the Court order. After several delays, vacant possession was obtained and minor repairs conducted preparing the property for market being coordinate by QSAS’ agents. QSAS also had to manage the financier to ensure the appointment and proposed sale process was not interrupted. Ultimately the property was sold at auction with a high level of interest.

Result

The property was sold at auction with settlement occurring within four months of the appointment for a price that was significantly above the independent valuation and reserve set. This result allowed the outstanding mortgages, rates and water to be paid and a substantial return to both parties.