Sale of Property under Family Law Act

SALE OF PROPERTY UNDER FAMILY LAW ACT

It is important that if an ex-husband and ex-wife (or ex-de facto parties) agree to sell a property when settling a property dispute under the Family Law Act, they make sure that the Orders agreed to specify a number of steps that will avoid a further dispute.

The steps should include:

1. Whether the property is to be sold by auction or private treaty.
2. How the price to sell the property is determined (eg by a valuer or real estate agent).
3. The legal representative or conveyancer to draft the Contract for Sale.
4. Any special terms to be included in the Contract for Sale, including the settlement date.
5. The real estate agent appointed to market the property for sale.
6. The time for marketing the property for sale.
7. The date of the auction.
8. How the reserve price is to be determined if there is an auction.
9. If there is a right for a vendor’s bid and how the parties are to agree on the amount for the vendor’s bid.
10. What happens if the property does not sell at auction.

If the parties exhaustively list all the steps needed to sell the property, it may avoid an expensive dispute in the future.

If you require any advice on family law issues, including the terms for any agreement on selling a property, contact Kathy Chase of Pittwater Family Lawyers at info@pittwaterfamilylawyers.com.au Or pittwaterfamilylawyers@gmail.com Or telephone Kathy on (02) 9918 6565 or 0418 285 307.