Finau and Finau

This matter concerned an application by the parties, Mr and Mrs Finau, for orders regarding the sale of a property located at 1 and 2 B Street, Suburb C NSW. The court was required to determine the terms and conditions under which the property should be listed for sale, including the method of sale, engagement of agents, and the distribution of sale proceeds.

The court ordered that the parties provide notice to the tenants of the B Street property and take all necessary steps to list the property for sale at the best reasonably attainable price. The sale was to be conducted by public auction, with specific directions regarding the engagement of D Real Estate as the listing agent, the appointment of an auctioneer, and the marketing campaign. The parties were also directed to engage a conveyancing solicitor, with Ms E of F Lawyers to be appointed if agreement could not be reached. The court further stipulated the process for preparing the Contract of Sale, the execution of necessary documents, and the determination of the reserve price. In the event the property was not sold at the first auction, it was to be relisted for a second auction with a reduced reserve price, and if still unsold, then listed for sale by private treaty.

Upon settlement of the sale, the proceeds were to be applied first to sale costs, then to discharge the mortgage with G Bank. Following this, $80,000 was to be paid to the wife’s solicitor’s trust account for interim costs, and specific credit card and school invoices were to be paid. The remaining balance was to be held in a controlled monies account pending further order, with both parties to provide necessary information for its establishment. Any surplus rental income received prior to settlement was to be applied to the home loan repayments. The court also made provision for the Registrar of the Court to execute documents on behalf of a defaulting party pursuant to section 106A of the Family Law Act 1975 (Cth).