VALENCE & VALENCE

This matter concerned orders made by Judge Terry regarding the sale of two properties, B Street, Suburb C, NSW, and D Street, Suburb E, NSW. The dispute involved the husband and wife and their respective rights and obligations concerning these properties, as well as other assets and financial matters. The court was required to make orders for the listing, sale, and distribution of proceeds from the properties, and to address ongoing financial responsibilities and asset division pending the completion of the sales.

The court was required to determine the terms upon which the two properties would be listed for sale, including the method of sale, the appointment of an agent, and the agreement on listing and selling prices. Further, the court needed to establish the priority of payments from the sale proceeds, including the discharge of mortgages, payment of commissions, rates, and legal costs. The court also had to make orders regarding the interim use and occupation of the properties, financial contributions towards their upkeep, and the division of the net proceeds of sale, including provisions for Capital Gains Tax and the retention of funds by the wife's solicitors. Finally, the court addressed the division of the husband's superannuation fund and the retention of other assets by each party.

The court ordered that the properties be listed for sale by private treaty, with an agreed agent or, failing agreement, an agent appointed by the President of the Real Estate Institute of NSW. The parties were to share equally in upfront fees and expenses. The listing and selling prices were to be agreed or as recommended by the agent, and both parties were to cooperate with the agent in marketing the properties. Upon sale, proceeds were to be applied first to discharge mortgages, then agent's commission and expenses, council and water charges, and legal costs, before any balance was held in trust. Specific orders were made for the husband's sole use and occupation of the B Street, Suburb C property, with him responsible for mortgage repayments, rates, and insurance. For the D Street, Suburb E property, the husband was restrained from ejecting the wife, and specific monthly payments were ordered from the wife towards mortgage accounts, with the husband to pay any shortfall. The net proceeds of sale were to be divided with a specific adjustment amount, and provisions were made for Capital Gains Tax and the retention of funds by the wife's solicitors pending the husband's tax return. The husband was also restrained from withdrawing significant amounts from his superannuation fund, with the balance to be divided between the parties. Each party was to retain other assets in their possession, and a Registrar was appointed to execute documents if a party failed to do so.