Once divorce proceedings have concluded, the Family Courts will make its decision which will then be encapsulated in a Court Order. While the legal proceedings have come to a close, however, there may still be items left outstanding for Parties to settle.
In this article, we will focus on post-divorce issues around the sale of the matrimonial property, appointing property agents and getting a valuation report.
Selling the Matrimonial Property
In divorces that involve a matrimonial property, the Family Courts would have made orders with respect to how this property is to be dealt with. In most cases, the Court Order will stipulate that:
- The matrimonial property is to be sold on the open market and the net sale proceeds are to be divided between Parties in specific proportions; or
- The matrimonial property is to be transferred to one Party, in exchange for the other Party being paid a certain amount.
Where the matrimonial property is to be sold on the open market, the Court will often order that both Parties are to have joint conduct of the sale. This helps to assuage both Parties and alleviate any fears they might have of being “cheated”, if the other Party was to have sole conduct of the sale.
Appointing a Joint Agent
In the course of selling property, a property agent will be appointed. Given that both Parties are to be involved in the sale of the matrimonial property (pursuant to having joint conduct), they can either choose to appoint their own respective property agents separately or appoint a property agent jointly.
For practical reasons, it is ideal for Parties to appoint the same property agent jointly. Some of the benefits are delineated as follows:
- Allows for greater transactional efficiency
- Engaging two sets of agents will inevitably lengthen the process, as both Parties would have to liaise with their respective agents before corresponding with each other.
- Having a single agent jointly appointed by both Parties would circumvent such delays.
- Save on agent fees
- If each Party engages their own respective property agents, two separate sets of agent fees will have to be paid.
- This will typically come from the sale proceeds of the property, thereby decreasing the net value that the Parties will receive at the end.
- In contrast, appointing a property agent to handle their joint matter as one will allow Parties to save on payable agent fees.
- Peace of mind
- Having appointed the same agent together, both Parties can be assured that their joint agent will act in their collective best interests.
Procuring a Valuation Report
As part of the sale process, the Parties should also engage professional valuers to obtain a valuation report of the matrimonial home. This is highly recommended as each home’s condition and actual valuation may be different from indicative valuations found online.
A valuation report would inform Parties on what would constitute a fair price for the matrimonial home and serve to facilitate the negotiation process with prospective buyers. When appointing a property agent, it would be ideal for Parties to engage a professional valuer jointly to avoid incurring extra costs.
Engaging a Housing Agent
Finding an experienced housing agent is important for helping Parties deal with the matrimonial property. A skilled property agent would be registered with the Council for Estate
Agencies and have a verified record of past property transactions, which you can view online. Most importantly, a good housing agent should seek to understand and place your needs first.
Engaging a Property Valuer
A property valuation specialist can help you calculate your home’s value and perform comparative market analyses and appraisals using valuation tools. In addition, a good property valuer will be able to provide you with a stronger sense of your financial health. In addition to handling matrimonial property matters, understanding your home’s value would allow you to determine what you can afford moving forward.
