116Order for sale of jointly owned property

116 Order for sale of jointly owned property (1) An interested person may apply to a relevant court for an order for the sale under a trust for sale of jointly owned property to which this division applies. Note A trust for sale allows property to be sold over the objections of a person. (2) The court may order the sale of the property under a trust for sale if satisfied that the sale of the property— (a) is the most practical way of ensuring a reasonable price for the property or a joint owner’s interest in the property; or (b) is just and equitable in all the circumstances. (3) The court may give the trustees any directions about the property, its sale and the proceeds of the sale that the court considers appropriate. 1 a direction that the trustees obtain a valuation of the property from a qualified valuer before the sale 2 a direction that the property must only be sold by auction 3 a direction fixing the reserve price for the sale of the property at auction 4 if a joint owner is allowed to buy the property, a direction that the joint owner may set off against the purchase price any share of that person in the proceeds of the sale (4) A joint owner of the property may buy the property only if a direction of the court allows the person to buy the property. (5) On application by the purchaser of the property, a person responsible for a statutory property register must make the entries in the register that are necessary or desirable to give effect to the sale of the property in accordance with the court order (and any directions of the court).