When it comes to real property, that is land and buildings, there are essentially two types of co-ownership.
The first is joint tenancy. The other common form of co-ownership is called in tenants in common.
Joint tenants are often married. Tenants in common are often business partners.
Regardless of the manner in which property is owned, often it becomes the case that one of the co-owners no longer wishes to hold on to the property.
Problems arise when people cannot agree how to end to their joint ownership in assets, like land, which is not divisible.
The relief that is available to a joint owner in these circumstances comes from section 66G of the Conveyancing Act. That Act gives the court power to order the sale of the land and to bring about the end of the joint ownership.
In the usual course, the court will appoint a trustee to hold the property for sale and to forward the proceeds to the owners.
Because the law realises that a joint owner should be able to realise the interest held in their property, the court will only refuse such an application if there are special reasons for doing so.
The relevant application is complex and is required to be heard in the Supreme Court of NSW. The proceedings and any negotiated resolution of the matter can be lengthy.
If you have any questions concerning the termination of co-tenancy please don’t hesitate to contact Everingham Solomons, because Helping You is Our Business.
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