A private auction is an ideal solution where more than one of the co-owners want to buy the other’s share. It can be used in both family law and non-family law matters. It is also relatively inexpensive and cost-effective.
This is a better solution than forcing the sale of the property or arbitrarily transferring to one party at a specified price. It can produce a ‘win-win’ outcome for the former co-owners, because
- If the former co-owners bid against each other, the successful bidder will pay what it is worth for them. If they place a greater than market value on the asset, they will pay what the asset is worth for them.
- Although the other former co-owner might not receive the asset that they want, the private auction process may allow them to sell their share in the assed for more than market value.
How to make it happen
Before finalising orders to divide property, contact us so that we can provide a workable precedent set of orders and our consent to act as the private auctioneer.