North Brisbane Property

Background

A former husband and wife owned an interest in a house in a northern Brisbane suburb as tenants in common (1/2 each).

They separated with the husband remaining in the property paying the mortgage but not the rates or water charges.

They separated with the wife vacating the property with their child and the husband continuing to live in the house. The parties were unable to agree on payment of the mortgage and rates for the property, and there were concerns as other family members had guaranteed the loan (which was in arrears). Following several months of correspondence between lawyers, QSAS was approached to act as Statutory Trustee.

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 husband to arrange an inspection and an initial independent valuation. The Court Order provided either party with the option to make an offer to purchase the property from the Statutory Trustees at fair market value. The husband made several offers but refused access for a valuation to be conducted. Without an independent valuation, the Statutory Trustee were not able to accept the offers and the offer made was not acceptable to the wife.

Following significant effort and work including an application to court for a warrant of possession, vacate possession was obtained circa 6 months after the appointment commenced. QSAS commissioned an independent valuation, and a consultant to assist with co-ordination of any repairs, and the agent selection process. As a result, we were able to negotiate the best possible commission rate with no additional cost to the stakeholders (including the mortgagee) with the consultant’s fee built into the agent’s commission. The decision to engage with a consultant in this instance, allowed significant cost saving to the parties. The property was eventually sold by auction.

The appointment was difficult and contentious with various applications to court arising out of the wording of the initial court order and combative position taken by the husband.

Result

The property was sold with settlement occurring within three months of obtaining possession for a price that was significantly above the independent valuation. Payment made to the parties after the various adjustments in the wife’s favour for the increased costs of the trustee and repairs and cleaning costs for the property.